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The logistics firm, which holds a commanding 95% market share in Saudi Arabia’s cargo handling sector, has already secured orders worth $48.6 billion for its IPO. The overwhelming response from institutional investors led to an oversubscription by 72 times at SAR106 per share, thereby valuing SAL at SAR8.48 billion ($2.2 billion). This successful IPO launch is expected to double the kingdom’s annual IPO yield.
HSBC Holdings (NYSE:HSBC)’ Saudi unit managed the IPO for SAL, which trails only ADES Holding’s $1.2 billion offering in terms of size. The company’s projected market capitalization after listing stands at a robust SAR8.48 billion ($2.2 billion).
Retail investors will have the opportunity to participate in the IPO from October 11 to October 13 as part of Saudi Arabia’s economic diversification plans.
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