SAL prices IPO at SAR 106/shr

Logo of SAL Saudi Logistics Services Co.

SAL Saudi Logistics Services Co. successfully completed the book-building process for the participating categories, setting the final IPO price at SAR 106 per share, said HSBC Saudi Arabia, the financial advisor, bookrunner, global coordinator, lead manager and underwriter on the offering.

The book-building started on Sept. 25, and the price range was set between SAR 98-106 a share. Thus, the final IPO price was determined at the upper limit of the range.

The company said in a statement that the institutional offering was 72x oversubscribed, with the total value of orders reaching SAR 182.4 billion.

The retail subscription will start from Oct. 11-13. A maximum of 2.4 million shares, or 10% of the total shares on offer, will be issued to individual investors, Argaam earlier reported.

The company floated 24 million shares on the Saudi Exchange (Tadawul), representing 30% of its capital that reaches SAR 800 million, divided into 80 million shares.

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