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Consolidated Grünenfelder Saady Holding Company (CGS), a cold chain technology company that is selling 30% of its share capital in a public offering, has set the IPO price range between 9.50 riyals ($2.53) and SAR10 per share.
At the top end of the range, CGS IPO will potentially raise up to SAR 300 million ($80 million) from the sale of 30 million shares and will list on Tadawul ’s main bourse with a market capitalization of SAR 1 billion ($ 266.7 million). The final offer price will be determined on 11 November.
Aljazira Capital is the financial adviser and is joint bookrunner with Arqaam Capital.
The company, which provides refrigerated storage and transport, is majority owned by the families of founders Swiss engineer Albert Gruenenfelder and Saudi entrepreneur Esmat Al-Saady.
(Writing by Brinda Darasha; editing by Seban Scaria)
