Saudi Manpower Solutions Company (SMASCO), a leading manpower solutions company in Saudi Arabia, has announced the price range for the shares offered at its upcoming initial public offering (IPO).
The price range for the offering has been set between SAR 7 and SAR 7.50 per share. The IPO’s institutional bookbuilding period will take place between May 8 and May 14, 2024.
Last month, the company confirmed its plans to offer 120 million shares, or 30% of the company’s share capital, on the Saudi Exchange.
The planned listing received approval from the country’s Capital Markets Authority (CMA) last month. 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.
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 2022.
