Successful Completion of the Offering to Individual Investors for Saudi Manpower Solutions Company (SMASCO)
| Element List | Explanation |
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| Announcement Detail | SNB Capital in its capacity as the Lead Manager, Financial Advisor, Book-runner and Underwriter, on the potential initial public offering of Saudi Manpower Solutions Company (“SMASCO” or the “Company”) announces the successful completion of the Offering to Individual Investors. Each Individual subscriber will receive a minimum of 10 shares, while the remaining shares were allocated on a pro-rata. Fraction shares were collated and allocated one share per application starting from the highest order in descending order.
The Company Offered 120,000,000 shares, representing 30% of the Company’s capital, which was allocated 90% to Participating Parties and 10% to Individual Investors.
The subscription period for Individual Investors Tranche, comprising 12,000,000 shares representing 10% of the total offering at a final Offer Price of SAR 7.5, commenced on May 26, 2024 and ended at 05:00pm on May 27, 2024.
Details of Individual Investor tranche: • Number of Retail Subscribers 1,065,437 • Number of shares offered to retail subscribers 12,000,000 shares • Final Offer Price SAR 7.5 per share • Retail tranche coverage 13 times • Total amount of retail subscriptions SAR 1,176 million • Minimum Allocation to Retail investors 10 Shares • Average allocation factor of remaining retail shares allocation 0.92007% |
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