Saudi Manpower Solutions Company gets CMA nod to list IPO on Tadawul

Image courtesy: FAYEZ NURELDINE/ Getty Images

Saudi Manpower Solutions Company (SMASCO), a provider of manpower services in the kingdom, has received approval from the Capital Market Authority (CMA) to list its shares on the Saudi Exchange (Tadawul).

This marks a significant milestone for SMASCO: it’s the first manpower service provider to be awarded a license in Saudi Arabia and now offering an opportunity for public investment.

The IPO will offer 120,000,000 shares, representing 30 per cent of SMASCO’s total issued share capital.

SNB Capital has been appointed as the financial advisor, lead manager and underwriter for the IPO.

A detailed prospectus outlining SMASCO’s financials, operations, risks, and management will be published before the subscription period begins.

Saudi Manpower Solutions Company operations

Established in 2012, SMASCO holds a leading market share (14-16 per cent as of 2022) and has deployed over 160,000 workers across the kingdom.

They offer services in over 765 professions and operate in over 55 cities and provinces.