Saudi Smasco Initiates IPO
For retail investors, Saudi National Bank, Alrajhi Bank, and SNB Capital Company have been will be the receiving agents.
Saudi Manpower Solutions Company (Smasco) has announced plans for its initial public offering (IPO), intending to float 30% of its total issued share capital on the Main Market of the Saudi Exchange to expand its shareholder base and enhance liquidity.[1]
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The Capital Market Authority (CMA) has approved Smasco's registration of share capital and the offering of 120 million shares. The offering price will be disclosed following the conclusion of the institutional book-building period. Additionally, Smasco has received conditional approval from Tadawul to list on the Main Market.
Proceeds from the offering will primarily benefit selling shareholders, with Smasco itself not receiving any part of the proceeds. The offer shares will be available for subscription to individual subscribers and participating parties.
Post-listing, Smasco is anticipated to have a free float of 30% of its shares. SNB Capital Company has been appointed as the financial advisor, lead manager, bookrunner, and underwriter for the offering.
For retail investors, Saudi National Bank, Alrajhi Bank, and SNB Capital Company will be the receiving agents.