The Clap
Saudi Manpower Solutions Company “SMASCO,” hopes to raise 900 million riyals through its initial public offering on the Saudi stock exchange.
IPO
The price range for the offering has been set between 7 riyals and 7.5 riyals per share. This means that the company’s market value at the time of listing will range from 2.8 billion to 3 billion riyals (746.7 – 800 million dollars).
So What
SMASCO plans to offer 120 million shares, representing 30% of the company. The final offer price will be determined after the order book building period.
SNB Capital, as the financial advisor and subscription manager, stated that the order book building period will start from May 8 to 14.
It will followed by the individual subscription process.
Some Context
SMASCO identifies itself as having the largest market share in the kingdom in recruiting foreign labor.
According to the company’s data, here are the key details about it:
– Founded in 2012, it is engaged in providing comprehensive workforce solutions.
– It has employed over 160,000 workers since its establishment.
– The company offers its services in more than 765 professions, and in over 55 cities and provinces.
– It supports companies through its business sector.
– It supports individuals through its “Raha” brand.
– Empowering entrepreneurs and small and medium-sized enterprises through its innovative “Rowad” app.
The company plays a leading role in developing workforce solutions in Saudi Arabia by simplifying recruitment processes, connecting employers with the best talents, and promoting economic diversification in line with Vision 2030.
