Saudi Arabia’s SAL seeks to raise $678mln from IPO

Saudi Arabian cargo firm SAL Logistics Services Company has set the price range on Monday for its planned IPO at between 98 Saudi riyals and 106 riyals per share, potentially raising 2.54 billion riyals ($678 million) at the top end of the range.

SAL Logistics is 70 percent owned by Saudi Arabian Airlines Corporation and 30 percent owned by Tarabot Air Cargo Services Limited. Both companies are jointly offering a 30 percent stake in SAL Logistics, comprising 24 million ordinary shares.

SAL’s implied market value at listing on main market of the Saudi Exchange (Tadawul) will be between $2.09 billion and $2.26 billion depending on the final offer price.