Saudi staffing company Smasco plans $240m from IPO

Unsplash/Josue Isai Ramos Figueroa

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. 

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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.

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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.