Saudi Arabia-based SAL Logistics Pvt Ltd said it set the price of initial public offering (IPO) at SAR 106 ($28.26) per share, implying a market capitalization of SAR 8,480 million at listing, on Friday.
The company said along with its financial advisor HSBC Holdings Plc offered its price range in September. The process of IPO and listing of ordinary shares was initiated on the market of Saudi exchange (Tadawul) during then.
SAL Logistics also said the institutional book-building process follows the rules and regulations issued by Capital Market Authority (CMA).
The institutional book-building process generated an order book of SAR 182.4 billion and resulted in a subscription of coverage of 72 times of total shares offered by the company.
The cargo company said the total offering size is SAR 2,544 million and it comprises of 24 million shares, representing 30% of the firm’s share capital post-listing to be sold by the current shareholders.
Faisal bin Saad Albedah, executive chief of SAL said “We are honoured to have witnessed such strong demand for SAL’s shares by institutional investors securing the top end of the price range, reflecting their confidence in SAL’s equity story, particularly our business, financial performance, management team, and growth prospects.”
“Over the next few weeks, we look forward to inviting retail investors to participate in our future success story as we aim to deliver impact every day and live up to our vision of being the logistics champion for a globally connected Saudi Arabia,” Saad Albedah added.
