The brothers, who say they are innocent, are accused of having formed an organised criminal network in early 2021 in Romania, as well as in the US and Britain
STC, Saudi Arabia's largest telecoms operator, sent a request for proposals to international and local banks last week for Solutions by STC (STCS), said the sources, who declined to be identified as the matter is not public.
The company did not communicate with banks its planned deal size, they said.
STCS last year had over SR5 billion ($1.33 billion) of revenues and profit in the range of SR500 million, which would be a sizeable offering, they said.
The company's valuation could be around SR9 billion ($2.4 billion), if it garners 18-20 times its earnings multiples, one of the sources said.
The IPO size could be around $500 million if the company sells 20 per cent, the source said.
STC did not respond to a request for immediate comment when contacted by Reuters.
The country has witnessed a flurry of public offerings this year as companies tap into Saudi demand for shares since oil giant Aramco's record IPO last year.
Saudi Arabia is encouraging more companies to list in a bid to deepen its capital markets under reforms aimed at reducing its reliance on oil.
Supermarket retailer BinDawood Holding earlier this week set an indicative price for its initial public offering, seeking to raise as much as SR2.19 billion ($585 million) in a Riyadh listing. - Reuters
The brothers, who say they are innocent, are accused of having formed an organised criminal network in early 2021 in Romania, as well as in the US and Britain
The left-handed batter scored 3369 runs in 136 one-day internationals and 2893 in 140 Twenty20 internationals — both Pakistan records
Food supplies were distributed to 80 households
On January 31, a heart was airlifted from Delhi to Chennai, paving the way for Ayesha Rashid's life-saving surgery
The online retailer, which is headquartered in Singapore, has said it has around 108 million monthly active users in the 27-nation EU
The baby girl named Rouh, meaning Soul, suffered respiratory problems and a weak immune system, a doctor at the Emirati Hospital in Rafah said
Specialised teams are currently managing the situation by cleaning up and removing the dead fish
The charges against them include planning terrorist acts, fundraising for the Organisation, and concealing the source and destination of those funds