Cargo handler and logistics solutions provider SAL Saudi Logistics Services Company has set the price range for its planned IPO at between 98 Saudi riyals ($26.13) and SAR 106 per share, potentially raising SAR 2.54 billion at the top end of the range.

This implies a market capitalisation at listing of between SAR 7.8 billion and SAR 8.48 billion, the company said in a statement on Tadawul stock market on Monday.

The institutional book-building period for the offering commenced on Monday and will continue until 1 October, it added.

The selling shareholders, which include Saudi Arabian Airlines Corporation and Tarabot Air Cargo Services, will offer for sale 24 million ordinary shares representing 30% of SAL’s share capital.

The company plans to list its shares on the Tadawul Exchange following the IPO.

(Writing by Brinda Darasha; editing by Seban Scaria)