SAL Saudi Logistics Services Company listed on Saudi Exchange
SAL Saudi Logistics Services Company (“SAL”, “the Company”), a leading cargo handling player and growing logistics solutions business in Saudi Arabia, listed its shares on the Main Market of the Saudi Exchange following the successful completion of its Initial Public Offering of shares (“IPO or “the Offering”). The Company is now trading under the ticker symbol: 4263.
The Company’s offering comprised of 24,000,000 shares, representing 30% of its issued share capital, with 90% of the Offer shares were allocated to institutional investors and 10% to retail investors. SAL’s offering saw strong demand from investors, with its shares being priced at SAR 106 per share at the top end of the IPO price range, resulting in an offering size of SAR 2,544 million (USD 678.4 million) and implying a market capitalization at listing of SAR 8,840 million (USD 2,261 million). The institutional book-building process generated an order book of SAR 182.4 billion (USD 48.6 billion) and resulted in a subscription of coverage of approximately 72x of the total offered shares.
Faisal bin Saad Albedah, Managing Director & Chief Executive Officer of SAL, said: “Today is a significant moment for SAL and all our stakeholders. The logistics industry is a key driver of Saudi Arabia’s transformation into a more diversified economy connected to global markets by corporate networks.