Saudi Manpower Solutions Company (SMASCO), a leading manpower solutions company in Saudi Arabia, has published the prospectus for its upcoming initial public offering (IPO).
The company will offer 120 million shares, or 30% of the company’s share capital, on the Saudi Exchange (Tadawul) for a nominal value of SAR 1 per share.
The planned listing received approval from the country’s Capital Markets Authority (CMA) last month. The offering price will be announced following the end of the institutional book building period.
The offering’s net proceeds will be distributed to the selling shareholders, with SMASCO not receiving any part of the proceeds from the offering, the company said in a statement.
“With the IPO, we embark on the next phase of our journey, and we aim to further grow our market position, continue investing in digitalization to serve our customers in the most effective way and expand into markets and products,” said Fahad Ali Mohammed Al Mehedb, Chairman of SMASCO.
Established in 2012G, SMASCO’s activities include administrative services, support services, employment agency activities, and temporary employment agency activities. The company offers end-to-end services and holds a leading market share of 14% – 16% as of 2022G.
The share sale for retail investors will run from May 26 to 27, 2024.
