SMASCO sets IPO price range at SAR 7-7.5/share

Logo of Saudi Manpower Solutions Co. (SMASCO)

SNB Capital, the lead manager, financial advisor, book-runner, and underwriter on the potential IPO of Saudi Manpower Solutions Co. (SMASCO), set the latter's price range at SAR 7-7.50 a share, according to a filing to Tadawul.

The book-building runs on May 8-14.

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The process is limited to qualified investors as per the book-building and share allotment instructions issued by the Capital Market Authority (CMA).

The final offering price will be set after completing the book-building process, which will be followed by a retail subscription.

The company plans to float 120 million shares, representing 30% of its capital, at a nominal value of SAR 1 each. The share sale for retail investors will run on May 26–27, according to data available with Argaam.

The company's activities include administrative services, support services, employment agency activities, and temporary employment agency activities.

They also involve temporary employment agencies for domestic services and temporary employment agencies for expatriate labor services, according to the commercial register.

The company's core activities consist of two main business segments.

The corporate segment is the cornerstone of the group's work, as it provides comprehensive workforce services for several sectors through the professional and unskilled workforce.

The individuals segment provides a wide range of domestic workforce services.