United Carton Industries Company (UCIC), a Saudi-based cardboard packaging producer, has set the final IPO price at SAR 50 per share, raising 600 million Saudi riyals ($159.98 million).

The company will have a market capitalisation of SAR 2 billion ($533 million) at listing.

The order book during the institutional book-building reached nearly SAR 75.8 billion ($20.2 billion), oversubscribed 126 times.

The company received the Capital Market Authority’s approval to sell 12 million shares, representing 30% of its share capital, in December 2024.

The retail subscription period will last for two days, starting May 12. The final allocations are expected to be announced on May 18, with any refunds of excess subscription monies to be made on the same day. 

Trading on the Main Market (TASI) is expected to commence after regulatory approvals.

Established in 1988, UCIC has four owned subsidiaries and operates eight manufacturing plants across Saudi Arabia and the UAE. The company generated SAR 1.34 billion in revenues in 2024 and a net profit of SAR 125 million.

(Editing by Seban Scaria seban.scaria@lseg.com )