Saudi Manpower Solutions Company Sets Final Offer Price At Upper End Of Range

(MENAFN- Khaleej Times) Saudi manpower solutions company (Smasco) a leading manpower solutions company in Saudi Arabia, on Sunday announced that the final price of its initial public offering has been set at 7.5 Saudi riyals per share, at the upper end of the range.

This marks the successful completion of the institutional bookbuilding process, giving the company a market capitalisation of 3 billion riyals at listing. The price range for the offering was set at 7 to 7.5 riyals. The offering raised gross proceeds of approximately 900 million riyals.

The institutional bookbuilding process generated an order book of around 115 billion riyals and was oversubscribed 128 times, indicating strong investor demand.

The retail subscription period will take place from Sunday, May 26 to Monday May 27 till 5:00pm Saudi time. The shares will be listed on the main market of the Saudi stock exchange.

The offering will consist of a secondary offering of 120,000,000 ordinary shares, representing 30 per cent of the company's total issued share capital.

Abdullah Rakan Altimyat, Chief Executive Officer of SMASCO

Abdullah Rakan Altimyat, Chief Executive Officer of SMASCO commented:“We are delighted to have secured strong institutional investor support for our IPO and to announce the final offer price following an exceptionally robust bookbuilding process. This support reflects the strong confidence investors have in our strategic direction, operational excellence and our role as a leader in the manpower solutions sector in the Kingdom and has resulted in an order book 128x oversubscribed. Our success in building a leading market share driven by constant innovation to take advantage of the expanding market in which we operate positions us for further future growth and as the preferred choice for both corporate and individual manpower solutions across the Kingdom.”


Khaleej Times

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