Riyadh – Mubasher: Saudi Manpower Solutions Company (SMASCO) announced its intention to proceed with the initial public offering (IPO) and listing of 120 million ordinary shares on the Saudi Exchange (Tadawul).

SMASCO noted, on 29 April 2024, that it will offer 30% of its issued share capital for trading on Tadawul’s Main Market, according to a press release.

The company stated that it will not receive any part of the IPO proceeds, however, the net proceeds will be distributed to the selling shareholders.

Chairman of SMASCO, Fahad Ali Mohammed Al Mehedb, said: “With rapid economic growth forecast and the requirement for workers intensifying as new projects come on stream, we are prepared for our next phase of growth through our pioneering and innovative approach.”

Al Mehedb noted: “With the IPO, we embark on the next phase of our journey, and we aim to further grow our market position, continue investing in digitalisation to serve our customers in the most effective way and expand into markets and products.”

In March 2024, the Saudi Capital Market Authority (CMA) granted its approval for SMASCO to proceed with an IPO. This followed Tadawul’s conditional approval on 28 January this year for the listing.

Abdullah Rakan Altimyat, CEO of SMASCO, stated: “This IPO represents a significant milestone in our successful journey, evoking pride to all employees and individuals who have been integral to our company since its establishment in 2012.”

Altimyat concluded: “We have built, progressed and scaled SMASCO as a solid manpower market’s centrepiece where we have recruited over 160,000 workers.”

The company generated SAR 166.30 million in net income during 2023, a surge from SAR 138 million in 2022.