HSBC Saudi Arabia Announces the Price Range and Start of Institutional Book-building Period for the Initial Public Offering of SAL Saudi Logistics Services Company
HSBC Saudi Arabia in its capacity as Sole Financial Advisor, Bookrunner, Global Coordinator, Lead Manager, and Underwriter on the potential initial public offering of SAL Saudi Logistics Services Company (“SAL” or the “Company”) announces on behalf of the Company the price range, as well as the commencement of the institutional book-building period; as per the following details:
- The price range for the Offering has been set at SAR (98 –106) per share (the “Price Range”)
- The Offering is comprised of a sale of twenty-four million (24,000,000) ordinary Shares (the “Offer Shares”), representing 30% of SAL’s share capital, by the current shareholders.
- The minimum number of Offer shares to be applied for by the Participating Parties is fifty thousand (50,000) shares, while the maximum number of shares is three million nine hundred ninety-nine thousand nine hundred ninety-nine (3,999,999) shares.
- The participation in the book-building process is confined to the Participating Parties in accordance with the Instructions for Book Building Process and Allocation Method in Initial Public Offerings issued by the Board of the Capital Market Authority.
- The final price per Offer Share will be determined after the completion of the book-building process, to be followed by the Individual Subscribers subscription process, the number of Offer Shares to be provisionally allocated to Participating Parties is twenty-four million (24,000,000) Offer Shares, representing 100% of the total Offer Shares. Final allocation of the Offer Shares will be made after the end of the subscription period for Individual Investors. If there is sufficient demand by Individual Subscribers the Bookrunner may reduce the number of Offer shares allocated to Participating Parties to a minimum of twenty-one million six hundred thousand (21,600,000) shares, representing 90% of the total Offer Shares.
- Bidding and book-building period for Participating Parties starts from Monday 25 September 2023 and closes 2:00PM KSA time on Sunday 1 October 2023.
For more information and for the prospectus, please visit the Capital Market Authority website (www.cma.org.sa) and SAL’s website (https://sal.sa/en/ipo).
Date: 25 September 2023