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Smasco market cap to hit $800m on Saudi listing

By Pramod Kumar
Smasco will offer 120 million shares in its IPO, or a 30 percent stake Reuters/Ahmed Yosri
Smasco will offer 120 million shares in its IPO, or a 30 percent stake

Smasco, the Saudi Manpower Solutions Company, has set its final initial public offering (IPO) price at SAR7.50 per share, giving it a market capitalisation of SAR3 billion ($800 million) at listing.

The company will offer 120 million shares, or a 30 percent stake, raising SAR900 million from the listing. This month, the indicative price range was set between SAR7 and SAR7.50 per share. 

The institutional bookbuilding process, which closed on May 14, generated an order book of SAR115 billion and was 128 times oversubscribed.  

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The one-day retail offering will start on May 26.

The IPO proceeds will be received solely by the selling shareholders. The shares will be listed and traded on the Saudi Exchange’s main market following the completion of the listing formalities.

Smasco has appointed SNB Capital as financial adviser, lead manager, bookrunner, and underwriter.

This month the healthcare conglomerate Fakeeh Care Group IPO was 119 times oversubscribed by institutional investors, attracting orders of $91 billion.

Saudi information technology company Rasan has also announced plans to sell a 30 percent stake in an IPO on the Saudi exchange.

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