SAL Saudi Logistics Services announces IPO
25 / 09 / 2023
Photo: Number1411/ Shutterstock
Saudi Arabian cargo handling and logistics firm SAL Saudi Logistics Services has announced an initial public offering (IPO).
SAL Saudi Logistics is 70% owned by Saudi Arabia-headquartered airline Saudia (Saudi Arabian Airlines Corporation) and 30% by Tarabot Air Cargo Services.
“The offering will consist of 24,000,000 ordinary shares representing 30% of the company’s share capital post-listing, to be sold by the current shareholders,” said SAL on its website’s IPO page.
The price range for the offering has been set at SAR98-106 per share and could raise as much as SAR2.54bn.
Shares will be listed on the main market of the Saudi Exchange, the MENA region’s largest stock exchange.
Following the pricing range announcement on September 25, the IPO timeline includes the announcement of the final price on October 5, the retail subscription from October 11-13, and the announcement of the final allocation of offer shares on October 17.
SAL operates 18 stations across Saudi Arabia, handling 95% of air cargo inbound, outbound and transit.
In addition to its cargo handling and logistics business units, the company also has plans to expand into fulfilment services and passenger handling.
The business has over 160 governmental and private sector customers from a range of industries.
