Skip to content Skip to Search
Skip navigation

Saudi staffing company Smasco plans $240m from IPO

Smasco provides manpower solutions for sectors such as construction, healthcare and hospitality Unsplash/Josue Isai Ramos Figueroa
Smasco provides manpower solutions for sectors such as construction, healthcare and hospitality

Smasco, the Saudi Manpower Solutions Company, is expected to raise between SAR840 million and SAR900 million ($224 million to $240 million) from its initial public offering after setting an indicative price range of SAR7 to SAR7.50 per share.

The market capitalisation of the staffing company at listing will be between SAR2.8 billion and SAR 3 billion.

Smasco intends to offer 120 million shares, a 30 percent stake, through a listing on the main market of the Saudi stock exchange. 

The institutional book building starts on Wednesday and closes on May 14. The one-day retail offering will begin on May 26.

The final pricing is likely to be set on May 19.

Smasco has appointed SNB Capital as financial adviser, lead manager, bookrunner, and underwriter.

This week the Saudi information technology company Rasan announced plans to sell a 30 percent stake in an IPO on the local stock exchange.

Last month Fakeeh Care Group, one of the largest private healthcare groups in Saudi Arabia, and Miahona Company, a water and wastewater infrastructure operator, announced plans to launch IPOs.

Latest articles

UK Prime Minister Rishi Sunak said the pledge ' sets a precedent for global standards on AI safety'

UAE joins AI safety pledge at UK-South Korea summit

Two artificial intelligence companies from the UAE have signed up to a new AI safety pledge and have committed to safe development of the technology. Abu Dhabi’s Technology Innovation Institute and G42 are among 16 names on the safety pledge that also includes Amazon, Google, IBM, Meta, Microsoft, OpenAI and Samsung. The announcement was made […]

Bruno Le Maire said France was also ready to help the UAE develop its own nuclear power plants

France ‘open’ to UAE investing in its nuclear plants

The French government is open to the UAE investing in the country’s nuclear power sector, its economy minister has said. Bruno Le Maire spoke to journalists in Abu Dhabi ahead of talks with Sultan Al Jaber, the UAE minister of industry and advanced technology, and Khaldoon Al Mubarak, chief executive of investment fund Mubadala and […]

Dhahran is home to the King Abdulaziz Center for World Culture. Retal will build almost 2,000 homes in the city

Retal wins $770m contract to build in Dhahran

The Saudi builder Retal has signed a SAR2.9 billion ($770 million) contract to design and build nearly 2,000 residential units in Dhahran, Eastern Province, for the giga-project developer Roshn.  Retal “will develop and design the detailed master plan, design and execute the infrastructure, landscape, construct 1,962 residential units and public amenities building in Aldanah project,” […]

GACA president Abdulaziz Al-Duailej said licences would be announced soon for more low-cost flights from regional Saudi airports

More low-cost airline routes planned for Saudi Arabia

Plans to privatise domestic airports have been announced by Saudi Arabia as part of an aviation expansion strategy, which includes imminent licences for more low-cost airline routes, the kingdom’s civil aviation authority said this week.  The General Authority of Civil Aviation has signed an agreement with a consortium led by the Turkish airport operator TAV […]