Saudi Manpower Solutions Company receives CMA approval for IPO

Saudi Manpower Solutions Company receives CMA approval for IPO

Saudi Manpower Solutions Company (SMASCO), the market-leading and the first manpower service provider to be awarded a license in the Kingdom of Saudi Arabia, has revealed that the Capital Market Authority (CMA) has approved the registration and initial public offering (IPO) of shares on the Saudi Exchange (Tadawul). This approval facilitates the offering of 120,000,000 […]Saudi Manpower Solutions Company (SMASCO), the market-leading and the first manpower service provider to be awarded a license in the Kingdom of Saudi Arabia, has revealed that the Capital Market Authority (CMA) has approved the registration and initial public offering (IPO) of shares on the Saudi Exchange (Tadawul).

This approval facilitates the offering of 120,000,000 shares, representing 30 percent of SMASCO’s total issued share capital. SMASCO’s prospectus detailing information on financial statements, operational activities, risks and management will be published prior to the start of the subscription period.

The CMA’s approval is valid for 6 months from the approval date by the CMA’s Board. Further information regarding the CMA’s rules on approval, can be found here.

In connection with the IPO, SNB Capital has been appointed as the Financial Advisor, Lead Manager, and Underwriter.

Established in 2012G, SMASCO is a pioneer in the manpower industry, offers end-to-end services