The total IPO size is estimated to range between SAR 2.35 billion ($627 million) and SAR 2.54 billion ($678 million), according to a press release.
The offering volume will accordingly imply a market capitalisation at listing between SAR 7.84 billion ($2.09 billion) and SAR 8.48 billion ($2.26 billion).
The Jeddah-headquartered supply chain solutions provider is offering 24 million ordinary shares for the public, out of its total 80 million shares.
Meanwhile, the final IPO price will be determined at the end of the book-building period.
The selling shareholders collectively own 100% of SAL’s shares prior to the IPO. However, after completing the offering, the equityholders will collectively own 70% of the company’s share capital.
SAL noted that the selling shareholders include Saudi Arabian Airlines Corporation (Saudia) and Tarabot Air Cargo Services Limited, with shareholdings of 70% and 30%, respectively.
HSBC Saudi Arabia has been chosen to be the sole financial advisor for the IPO, in addition to being the bookrunner, global coordinator, lead manager, and underwriter.
On 12 September 2023, SAL officially announced its intention to float 30% of its share capital and trade on the Main Market of the Saudi Exchange (Tadawul).
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