S. Arabia’s SMASCO eyes $240m IPO on Tadawul

Saudi Arabian staffing company SMASCO announced plans for an initial public offering (IPO) on the Riyadh Stock Exchange, aiming to raise up to 900 million riyals ($239.99 million), Reuters reported on Wednesday.

The company has set an indicative price range of 7-7.5 riyals per share, implying a potential market capitalisation of between 2.8-3 billion riyals ($746.7-$800 million). It will offer 120 million shares, representing a 30 per cent stake in the company.

The final pricing will be determined at the conclusion of the book-building period and is expected to be announced on May 19th.