The price range for the initial public offering of the Saudi “Smasco” company is set between 7 and 7.5 riyals per share, indicating a market value between 2.8 billion and 3 billion riyals.
The Saudi Manpower Solutions Company (Smasco) announced on Wednesday that it seeks to raise 900 million riyals ($239.99 million) in…Initial public offering in the financial market” Saudi Arabia trading“.
The price range for the initial public offering is set at between 7 and 7.5 riyals per share, and thus the company targets proceeds between 840 and 900 million riyals from the offering, which indicates a market value between 2.8 billion and 3 billion riyals ($746.7-800 million).
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Samsco intends to offer 120 million ordinary shares, representing 30% of the company’s shares, and this will be through the sale of existing shares by the company’s current shareholders. The final offering price will be determined after the end of the book-building period, which extends from May 8 to 14, and is expected to be announced on May 19.
The subscription prospectus stated that the net proceeds of the offering will be distributed to the selling shareholders, and that the company will not receive any part of it.
Last March, the Saudi Manpower Solutions Company “Smasco” obtained…Approval of the Capital Market AuthorityTo register its shares, and offer 120 million shares for public subscription, representing 30% of the company’s total shares.
