Riyadh – Mubasher: Saudi Manpower Solutions Company (SMASCO) has completed the institutional book-building process for its initial public offering (IPO), setting the final price at SAR 7.50 per share.

SMASCO previously set the price range for its IPO on the Saudi Exchange (Tadawul) between SAR 7 and SAR 7.50 per share, according to a press release.

The IPO raised gross proceeds of nearly SAR 900 million, implying a market cap of SAR 3 billion ($800 million) at listing.  

The institutional book-building process generated an order book of around SAR 115 billion ($31 billion) and was 128x oversubscribed. 

The retail subscription period will take place during 26-27 May 2024.

The leading manpower solutions company plans to float 120 million ordinary shares, accounting for 30% of its issued share capital. The Saudi firm obtained the approval of the Capital Market Authority (CMA) in March 2024.

Abdullah Rakan Altimyat, CEO of SMASCO, commented: “We are delighted to have secured strong institutional investor support for our IPO and to announce the final offer price following an exceptionally robust book-building process.”

“This support reflects the strong confidence investors have in our strategic direction, operational excellence and our role as a leader in the manpower solutions sector in the Kingdom and has resulted in an order book 128x oversubscribed,” Altimyat highlighted.