Riyadh – Mubasher: Saudi Logistics Services Company (SAL) has settled the final offer price for its initial public offering (IPO) on the Saudi Exchange (Tadawul) at SAR 106 per share, according to a press release.

HSBC Saudi Arabia, the sole financial advisor, bookrunner, global coordinator, lead manager, and underwriter for the IPO, highlighted that the book-building process witnessed a subscription coverage of 72 times.

The recorded orders from institutional investors reached SAR 182.40 billion ($48.60 billion).

The total offering size stood at SAR 2.54 billion ($678 million), with an implied market cap of SAR 8.48 billion ($2.26 billion) at listing.

Out of its total 80 million shares, SAL is floating 24 million ordinary shares on the main market, which accounts for 30% of its share capital.

Faisal bin Saad Albedah, Managing Director and CEO of SAL, indicated: “We are honored to have witnessed such strong demand for SAL’s shares by institutional investors securing the top end of the price range, reflecting their confidence in SAL’s equity story, particularly our business, financial performance, management team, and growth prospects. “

Meanwhile, the receiving agents are Saudi Awwal Bank (SAB), Riyad Bank, the Saudi National Bank (SNB), Al Rajhi Bank, and Arab National Bank (ANB).

Timeline for IPO

The Jeddah-headquartered supply chain solutions provider indicated that the subscription period for individual subscribers will take place during the period between 11 and 13 October.

The final allocation of the IPO shares will be disclosed no later than 17 October, while the refund of excess subscription amounts, if found, will not be later than 24 October.

SAL is expected to commence trading on Tadawul after completing all relevant regulatory requirements.

On 25 September 2023, SAL set the price range for its IPO between SAR 98 and SAR 106 per share.