{"id":3789,"date":"2024-05-30T23:21:52","date_gmt":"2024-05-30T20:21:52","guid":{"rendered":"https:\/\/sahfy.net\/news\/?p=3789"},"modified":"2024-05-30T23:22:25","modified_gmt":"2024-05-30T20:22:25","slug":"saudi-manpower-solutions-company-completes-share-offering-for-individual-investors","status":"publish","type":"post","link":"https:\/\/sahfy.net\/news\/?p=3789&lang=en","title":{"rendered":"Saudi Manpower Solutions Company Completes Share Offering for Individual Investors"},"content":{"rendered":"<p><span style=\"font-weight: 400\">SAUDI MANPOWER SOLUTIONS COMPANY (\u201c<\/span><b>SMASCO<\/b><span style=\"font-weight: 400\">\u201d or the \u201c<\/span><b>Company<\/b><span style=\"font-weight: 400\">\u201d or the \u201c<\/span><b>Group<\/b><span style=\"font-weight: 400\">\u201d) the leading manpower solutions company in the Kingdom of Saudi Arabia (the \u201c<\/span><b>Kingdom<\/b><span style=\"font-weight: 400\">\u201d), announces the successful completion of the Retail Investor offering period and the Final Allotment of Shares in relation to its initial public offering (the \u201c<\/span><b>IPO<\/b><span style=\"font-weight: 400\">\u201d or \u201c<\/span><b>Offering<\/b><span style=\"font-weight: 400\">\u201d).\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Following the successful completion of the institutional book-building period which set the Final Offer Price at SAR 7.50 per share and resulted in an oversubscription coverage of 128x of the total offered shares, the individual investors offering took place from 26 to 27 May 2024G. The number of Offer Shares that were allocated to Individual Investors was 12,000,000 shares, representing 10% of the total offering. The offering saw 1,065,437 individual subscribers place orders totalling SAR 1,176.81 million, reflecting a subscription coverage of 13x of the offered shares in this tranche.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">The Company allocated a minimum of 10 shares to each individual investor. The remaining Offer Shares will be allocated on a pro-rata basis based on demand size to the remaining demand with an average allocation factor of <\/span><span style=\"font-weight: 400\">0.92007<\/span><span style=\"font-weight: 400\">%.<\/span><\/p>\n<p><b>OFFER DETAILS<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">The Final Offer Price for the Offering has been set at SAR 7.50 per share, indicating the Company\u2019s market capitalization of SAR 3 billion (USD 800 million) at listing.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">The total size of the Offering is SAR 900 million (USD 240 million).\u00a0<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">The Offering consists of a secondary offering of 120,000,000 ordinary shares (the \u201c<\/span><b>Offer Shares<\/b><span style=\"font-weight: 400\">\u201d) representing 30% of the Company\u2019s total issued share capital<\/span><span style=\"font-weight: 400\">). <\/span><span style=\"font-weight: 400\">100% of the Offer Shares have been provisionally allocated to certain institutional investors (the \u201c<\/span><b>Participating Parties<\/b><span style=\"font-weight: 400\">\u201d) that took part in the book-building process.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Following completion of the Offering, the current shareholders will collectively own 70% of the Company\u2019s share capital.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Following listing, the Company will have a free float of 30% of its shares.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">The Company\u2019s shares will be listed and traded on the Saudi Exchange\u2019s Main Market following the completion of the Offering and listing formalities with both the CMA and the Saudi Exchange.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">The net proceeds of the Offering will be received solely by the selling shareholders.\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\">For more information about the IPO, please visit: <\/span><a href=\"https:\/\/ipo.smasco.com\/\"><span style=\"font-weight: 400\">https:\/\/ipo.smasco.com\/<\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>SAUDI MANPOWER SOLUTIONS COMPANY (\u201cSMASCO\u201d or the \u201cCompany\u201d or the \u201cGroup\u201d) the leading manpower solutions company in the Kingdom of Saudi Arabia (the \u201cKingdom\u201d), announces the successful completion of the Retail Investor offering period and the Final Allotment of Shares in relation to its initial public offering (the \u201cIPO\u201d or \u201cOffering\u201d).\u00a0 Following the successful completion [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":3790,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","footnotes":""},"categories":[130,43,15,3714],"tags":[],"class_list":["post-3789","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured-en","category-finance-investment-en","category-press-releases","category-saudi"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.6.1 - 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