Saudi Arabian cargo and logistics firm, SAL Saudi Logistics Services Co., announced on Monday its plan to conduct an initial public offering (IPO) with a target to raise as much as SAR 2.54 billion ($678 million). The IPO is seen as a significant development in the kingdom's market for listings.
SAL Saudi Logistics is majority-owned by the country's largest airline, Saudi Arabian Airlines Corp., also known as Saudia, which holds a 70% stake. The remaining 30% is held by Tarabot Air Cargo Services Ltd. The two shareholders are offering 24 million shares, representing a 30% stake in the cargo firm, at a price range of SAR 98 to SAR 106 each.
The pricing announced on Monday places the company's valuation at up to SAR 8.48 billion. Shares will be listed on the main market of the Saudi Exchange, the largest stock exchange in the MENA region.
According to SAL's IPO page, the final price will be announced on October 5. Following this, retail subscription will take place from October 11-13, and the final allocation of offer shares will be announced on October 17.
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