Skip to content Skip to Search
Skip navigation

Saudi Logistics’ institutional order book hits $49bn 

The Saudi Logistics order book was 72 times oversubscribed Reuters/Faisal Al Nasser
The retail subscription for Lumi's IPO will open for one day on September 12

The institutional book-building for Saudi Logistics Services Company’s (SAL) initial public offering generated an order book of SAR182.4 billion ($48.63 billion), meaning it was 72 times oversubscribed.

The IPO price was finalised top of the range at SAR106 per share, implying a market capitalisation of SAR8.48 billion on listing, the company said in a statement.

Earlier, the price range was set between SAR98 and SAR106 per share, the company said in a statement.

Retail subscription will be open from October 11 to 13. A maximum of 2.4 million shares, or 10 percent of the total IPO size, will be offered to retail investors.

SAL is 70 percent owned by Saudi Arabian Airlines Corporation (Saudia) and 30 percent by Tarabot Air Cargo Services. 

The two companies are jointly offering a 30 percent stake in SAL Logistics, comprising 24 million ordinary shares. 

HSBC Saudi Arabia is the sole financial adviser, bookrunner, global coordinator, lead manager and underwriter.

Headquartered in Jeddah, SAL posted revenue of SAR1.22 billion in 2022. Its three-year compound annual growth rate was 20 percent. Net income was SAR362 million, an increase of 24 percent over three years and reflecting a 30 percent net income margin.

The company operates more than 90 percent of the cargo-handling business in Saudi Arabia, covering international airports in Riyadh, Jeddah, Medina and Dammam.

Oil and gas driller Ades, backed by the kingdom’s Public Investment Fund, priced its IPO at the top of the range in September, implying a valuation of SAR15.2 billion.

Latest articles

Shoppers choose vegetables in Istanbul; inflation means people are spending on essentials

Turkish retailers’ confidence wavers as inflation bites

Confidence is falling among Turkish retailers, according to a survey from the country’s statistics agency Turkstat. Shoppers have been scaling back on big-ticket purchases, spending instead on basic consumer goods as inflation piles pressure on household incomes. May’s business confidence report, released by Turkstat on June 24, showed sentiment in the retail sector at its […]

Water is handed out to pilgrims in Mecca. Hundreds of pilgrims without a Hajj permit died during extreme heat last week

Egypt shuts down 16 travel companies after Hajj tragedy

Egypt has withdrawn the operating licences of 16 travel companies for organising unlicensed Hajj trips to Saudi Arabia. A statement from the Egyptian government said the companies would be prosecuted and fined, with the funds used to compensate pilgrims’ families for their loss.  Hundreds of Egyptians were among 1,301 people who died of exposure to […]

A floating production unit in Israel's Karish gas field in the eastern Mediterranean. Carlyle is creating a new oil and gas company to manage the field

New Carlyle entity to manage East Med gas projects

Carlyle, the Nasdaq-listed private equity company, is creating a new oil and gas company to manage recently-acquired assets in the Mediterranean hydrocarbons market. The new as yet un-named entity will be led by former BP CEO Tony Hayward and will manage a portfolio of gas-weighted exploration and production assets in Italy, Egypt and Croatia, according […]

Spinneys plans to open another 12 stores in Saudi Arabia by 2028

Spinneys opens first Saudi supermarket in Riyadh

Spinneys has opened its first supermarket in Saudi Arabia and is planning a further 12 stores in the country by 2028. The UAE supermarket operator listed on the Dubai Financial Market last month and raised AED1.38 billion ($375.7 million) from its initial public offering, which was oversubscribed almost 64 times. The first Spinneys in Saudi […]