Saudi Manpower Solutions Company sets final offer price at upper end of range

Saudi Manpower Solutions Company sets final offer price at upper end of range

Traders at the Saudi stock exchange. — File photo

Published: Sun 19 May 2024, 5:11 PM

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