Saudi Arabia’s leading manpower solutions provider, Saudi Manpower Solutions Company (SMASCO), announced its successful listing on the Main Market of the Saudi Exchange. This follows the completion of their initial public offering (IPO). Investors can now trade SMASCO shares under the ticker symbol 1834.
The IPO, which offered a secondary placement of 120 million ordinary shares (representing 30% of SMASCO’s total issued share capital), showcased strong investor confidence. Notably, institutional investors received 90% of these shares. The institutional book-building process generated significant interest, with an order book reaching SAR 115 billion and a subscription coverage ratio of approximately 128 times the offer size.
SMASCO priced its IPO at SAR 7.50 per share, the highest point of the proposed range. This successful offering resulted in the company raising gross proceeds of approximately SAR 900 million. At this price, SMASCO boasts an implied market capitalization of SAR 3 billion.
SMASCO’s Listing on the Saudi Exchange: A Milestone in Manpower Solutions Leadership
“We are incredibly proud to announce SMASCO’s listing on the Main Market of the Saudi Exchange,” stated Abdullah Rakan Altimyat, SMASCO’s Chief Executive Officer. “This marks a significant milestone in our leadership journey within the Kingdom’s manpower solutions sector.”
Altimyat elaborated, attributing the success to strong market confidence in SMASCO’s strategic direction and operational capabilities. The overwhelming response from institutional investors, highlighted by the 128x subscription rate and the final offer price at the top of the range, underscores the trust placed in the company’s growth and innovation potential.
Looking Ahead
Looking ahead, SMASCO remains focused on delivering exceptional value to shareholders and partners while driving innovation and excellence within the Saudi Arabian manpower solutions sector. The company supports the Kingdom’s Vision 2030 by strategically expanding and enhancing workforce capabilities.
Note
This announcement is not a prospectus and does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale or subscription of any securities of SMASCO (as defined below) in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any jurisdiction, including in or into the United States, Canada, Japan, Australia or South Africa.
Neither this announcement nor anything contained herein shall form the basis of, or be relied upon in connection with, any offer or commitment whatsoever in any jurisdiction. Any offer to acquire shares pursuant to the proposed Offering (as defined below) will be made pursuant to, and any investor should make his investment decision solely on the basis of the information that is contained in the Arabic language prospectus prepared by SMASCO and approved on 11 March 2024G by the Capital Market Authority of the Kingdom of Saudi Arabia (the “CMA”). Copies of the prospectus are available on the websites of the Company (www.smasco.com), the CMA (www.cma.org.sa), the Saudi Exchange (www.saudiexchange.sa) and the Financial Advisor (www.alahlicapital.com), each as defined below.