{"id":3666,"date":"2024-05-21T00:42:57","date_gmt":"2024-05-20T21:42:57","guid":{"rendered":"https:\/\/sahfy.net\/news\/?p=3666"},"modified":"2024-05-21T00:46:24","modified_gmt":"2024-05-20T21:46:24","slug":"saudi-manpower-solutions-company-final-offer-price-set-at-upper-end-of-range-as-strong-investor-interest-drives-oversubscription","status":"publish","type":"post","link":"https:\/\/sahfy.net\/news\/?p=3666&lang=en","title":{"rendered":"Saudi Manpower Solutions Soars on Strong Demand, Prices Shares at Offering Maximum"},"content":{"rendered":"

SAUDI MANPOWER SOLUTIONS COMPANY (\u201c<\/span>SMASCO<\/b>\u201d or the \u201c<\/span>Company<\/b>\u201d or the \u201c<\/span>Group<\/b>\u201d) the leading manpower solutions company in the Kingdom of Saudi Arabia (the \u201c<\/span>Kingdom<\/b>\u201d), announces the successful completion of the institutional bookbuilding process and the determination of the final offer price (the \u201c<\/span>Final Offer Price<\/b>\u201d) for its initial public offering (the \u201c<\/span>IPO<\/b>\u201d or \u201c<\/span>Offering<\/b>\u201d) on the Main Market of the Saudi Exchange.\u00a0<\/span><\/p>\n

Following a highly successful bookbuilding process, the Final Offer Price has been set at SAR 7.5 per share, with a market capitalization of SAR 3 billion (USD 800 million) at listing. The price range for the Offering was set at SAR 7 to SAR 7.5.\u00a0<\/span><\/p>\n

The institutional bookbuilding process generated an order book of around SAR 115 billion (USD 31 billion) and was 128x oversubscribed, indicating strong investor demand.\u00a0\u00a0<\/span><\/p>\n\n\n\n\n\n
FINAL OFFER PRICE<\/b><\/td>\nOVERSUBCRIPTION<\/b><\/td>\nPROCEEDS AND MARKET CAP<\/b><\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
The Final Offer Price has been set at SAR 7.5 per share, at the top of the previously announced price range of the IPO of SAR 7 to SAR 7.5\u00a0<\/span><\/td>\nThe institutional book-building process generated an order book of SAR 115 billion and resulted in a subscription coverage of approximately 128x.<\/span><\/td>\nThe Offering raised gross proceeds of approximately SAR 900 million, implying a market capitalization for the Company of SAR 3 billion at listing.<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

The retail subscription period will take place from Sunday, 18\/11\/1445H (corresponding to 26\/05\/2024G) to Monday at 5:00 PM KSA time, 19\/11\/1445H (corresponding to 27\/05\/2024G). Individual investors will subscribe at the Final Offer Price.\u00a0<\/span><\/p>\n

Abdullah Rakan Altimyat, Chief Executive Officer of SMASCO <\/b>commented: \u201c<\/span>We are delighted to have secured strong institutional investor support for our IPO and to announce the final offer price following an exceptionally robust bookbuilding 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.<\/span><\/i> O<\/span><\/i>ur success in building a leading market share driven by constant innovation to take advantage of the expanding market in which we operate positions us\u00a0 for further future growth and as the preferred choice for both corporate and individual manpower solutions across the Kingdom.<\/span><\/i>“<\/span><\/p>\n

CONFIRMATION OF OFFER DETAILS<\/b><\/p>\n