Riyadh, Saudi Arabia– Consolidated Grünenfelder Saady Holding Company (“CGS” or the “Company”), a market leader in cold chain technology providing high quality and innovative cold chain solutions, with a particular focus on advanced refrigeration, refrigerated transport solutions, specialized mobile units and design/manufacturing of complex units in the Kingdom of Saudi Arabia, today announces its intention to proceed with an initial public offering (“IPO” or the “Offering”) and the listing of its ordinary shares (“Shares”) on the Main Market of the Saudi Exchange (“Tadawul”).

On 25 June 2025G, the Capital Market Authority (“CMA”) approved the Company’s application for the offering of 30,000,000 ordinary shares (the “Offer Shares”), representing 30% of the Company’s issued share capital, by way of a sale of existing shares by the current shareholders, Darat Esmat Bin Abdul-Samad Al Saady Holding Company and GK Grünenfelder International AG (the “Selling Shareholders”). The final offer price of the Offer Shares will be determined at the end of the book-building process.

Offering overview

  • The Shares will be listed on the Main Market of the Saudi Exchange following the completion of the IPO and listing formalities with the CMA and the Saudi Exchange.
  • The IPO of CGS consists of an offer of 30,000,000 Offer Shares, representing 30% of the Company’s issued share capital of 100,000,000 Shares.
  • The Offer Shares will be offered for subscription to Participating Parties and Individual Investors (as defined below). The number of Offer Shares to be initially allocated to Participating Parties is 30,000,000, representing 100% of the total Offer Shares.
  • A maximum of 6,000,000 Offer Shares, representing 20% of the Offer Shares, will be allocated to the Individual Investors.
  • In the event that there is sufficient demand from Individual Investors, the number of shares initially allocated to Participating Parties will be reduced to 24,000,000 Offer Shares, representing 80% of the Offer Shares.
  • The final offer price of the Offer Shares will be determined at the end of the book-building process, and before the beginning of the subscription period for Individual Investors.

Transaction Timetable

Prospectus Publication

29th October 2025G

Price range announcement

5th November 2025G

Institutional bookbuilding period

5th November – 11th November 2025G

Individual Investors’ subscription period

26th November – 27th November 2025G

Final allocation of the offer shares

3rd December 2025G

Refund of excess subscription amounts (if any)

4th December 2025G

OVERVIEW OF CGS

  • CGS began its operations in 1976G when CGS Conato-Grünenfelder-Saady Company was established as a joint venture manufacturing refrigerated bodies. In 1978G CGS became the distributor for Carrier Transicold units in Saudi Arabia.
  • Headquartered in Saudi Arabia, with manufacturing and after-sales facilities in Riyadh, Jeddah, Dammam, and the Kingdom of Bahrain.
  • CGS has invested significantly in developing engineering expertise establishing state-of-the-art manufacturing facilities in Riyadh equipped with cutting edge equipment including open-pouring panel technology, robotics, 3D printing, virtual reality, and adopting industry 4.0 technology.
  • Today CGS is a market leader in the refrigeration sector in the Kingdom, with an average market share of approximately 45% in transport refrigeration with customers across critical industries including the food and beverage, and pharmaceutical sectors.
  • CGS has also expanded its product portfolio beyond transport refrigeration, and its solutions cater to commercial and industrial applications, from cold rooms and process cooling to comprehensive cold chain logistics, using environmentally friendly refrigerants and energy-efficient designs. It has also expanded beyond refrigeration into other engineered solutions for sectors such as medical, telecom, oil and gas and defence sectors.
  • The Company offers a unique value proposition as a local engineering company that blends global best practices with Saudi scale to provide best in class solutions across automotive refrigeration, stationary refrigeration, customized solutions, and after-market services.
  • CGS has delivered a strong revenue CAGR of 40% between 2023G and 2025G, driven by increased demand for the Company’s products and services.

Commenting on the Intention to Float, Sinan Al Saady, Chairman of CGS said:

“Our unique Swiss-Saudi heritage, combined with almost five decades of operational excellence and innovation, has enabled CGS to become the Kingdom’s trusted leader in refrigeration and cold chain solutions. An IPO will accelerate our ability to support Saudi Arabia’s Vision 2030 by strengthening food security, advancing healthcare logistics, and supporting sustainable industrial growth. We remain committed to delivering long-term value to our shareholders and playing an integral role in the Kingdom’s economic transformation." 

Peter Faerber, Group CEO of CGS added:  

“CGS proudly stands at the forefront of refrigeration innovation and cold chain solutions that are critical for the sustained growth of Saudi industries from food security to healthcare and logistics. The decision to proceed with an IPO is a pivotal moment in the Company’s history and will allow us to expand our business whilst offering a greater number of shareholders the opportunity to share in our future success.” 

Asif Khan 
Senior Associate
Abu Dhabi | Dubai | Riyadh 
M: +971 52 360 8640
E: Asif.Khan@fgsglobal.com
A: 26th Floor, Office 2604Tower-B, Business Central Towers