Saudi’s SMASCO lists on Tadawul following successful IPO

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Saudi Manpower Solutions Company (SMASCO) announced the listing and commencement of trading of its shares on the Main Market of the Saudi Exchange (Tadawul) under the ticker symbol 1834.

The initial public offering (IPO) comprised a secondary offering of 120 million ordinary shares, representing 30 per cent of the company’s total issued share capital.

Of these, 90 per cent were allocated to institutional investors, generating an order book of SAR115bn and resulting in a subscription coverage of approximately 128 times.

SMASCO IPO final share price

The final offer price was set at SAR7.50 per share, at the top end of the price range, raising gross proceeds of approximately SAR900m. This translates to an implied market capitalisation of SAR3bn at the time of listing.

Saudi IPO: SMASCO sets final offer price amid strong investor demand

Abdullah Rakan Altimyat, CEO of SMASCO, expressed pride in the successful listing, stating, “This achievement reflects the strong confidence the market has in our strategic direction and operational capabilities. The overwhelming response from institutional investors, resulting in a subscription rate of 128 times, underscores the trust in our potential for growth and innovation.”

Altimyat highlighted SMASCO’s commitment to delivering exceptional value to shareholders and partners while continuing to drive innovation and excellence in the manpower solutions sector across Saudi Arabia.

He emphasised that the company is well-positioned to support the kingdom’s Vision 2030 through strategic expansions and enhancing workforce capabilities.