SAL Saudi Logistics Services announces IPO

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Announces offer price range and start of institutional book-building

Following the recent announcement by SAL Saudi Logistics Services Company, the market leading cargo handling player and growing logistics solutions business in Saudi Arabia, of its intention to proceed with an initial public offering of 30% of its share capital, the Company has officially announced the price range for the initial public offering as well as the commencement of the participating parties’ bidding and book-building period.

The approved prospectus containing the full details of the Offering has been published on 12 September 2023G. The price at which all subscribers in the Offering will purchase Shares will be determined at the end of the book-building period, the Company revealed in a press communique.

The price range for the Offering has been set between SAR 98 and SAR 106 per share. The total Offering size is expected to be between SAR 2,35mn (US$ 627mn) and SAR 2,544mn (US$ 678mn), implying a market capitalization at listing between SAR 7,840mn (US$ 2,091mn) and SAR 8,480mn (US$ 2,261mn).

Share capital

The Offering will consist of 24,000,000 ordinary shares representing 30% of the Company’s share capital post-listing, to be sold by the current shareholders, the press statement continued.

Immediately following the listing on the Main Market of the Saudi Exchange (Tadawul), the Company is expected to have a free float of 30% (24,000,000) of its total shares (80,000,000).

Shares will be offered to participating parties entitled to participate in the book-building process in accordance with the CMA Capital Markets Authority—Saudi Arabia) Instructions for Book-Building Process and Allocation Method in Initial Public Offerings, including non-resident qualified foreign financial institutions in accordance with the Rules for Qualified Foreign Financial Institutions Investment in Listed Securities, the press note concluded.

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