Finance Saudi staffing company Smasco plans $240m from IPO By Pramod Kumar May 8, 2024, 9:15 AM 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. NewsletterGet the Best of AGBI delivered straight to your inbox every week 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. IPO requests in Saudi Arabia rise by 30% Institutions snap up share of Fakeeh Care Group IPO in minutes Saudi fintech Rasan to sell 30% stake in IPO 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.
Energy Former BP boss named on Adnoc’s investment board Bernard Looney, the former CEO of BP, is among the board members of Abu Dhabi National Oil Company’s new lower carbon energy and chemicals investment company, XRG. Formed by Adnoc last month, XRG aims to more than double its $80 billion asset value over the next decade by capitalising on the demand for low-carbon energy […] 1 day ago
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Development Syria upheaval could be a sign of progress for the region The removal of the Assad regime in Syria is a “step in the right direction for the region”, according to a leading economist from Standard Chartered. Eric Robertsen, managing director of global head of research and chief strategist at Standard Chartered, was discussing the fallout of a series of geopolitical crises during a media round […] 1 day ago
Business of Sport Manchester City reports record revenues Despite a recent slump in form on the pitch, the Abu Dhabi-backed English football team Manchester City is thriving commercially, its annual report revealed this week. The club has announced record-breaking revenues of £715 million ($903 million) for the past year, with profits of £73.8 million. Chairman Khaldoon Al Mubarak said: “Our focus remains on […] 1 day ago
