Saudi Arabia’s Public Investment Fund has raised SR3.86 billion ($1.03 billion) through the sale of a 2 percent stake in telecom firm stc.

The offering, consisting of 100 million shares priced at SR38.6 each, was met with strong demand from both local and international institutional investors, according to a statement.

The transaction represents the largest accelerated bookbuild offering ever conducted in Saudi Arabia and the broader Middle East and North Africa region, underscoring robust investor appetite for exposure to the region’s telecom sector and strategic assets managed by PIF.