SMASCO, the Saudi Manpower Solutions Company, is pleased to announce the date of its Initial Public Offering (IPO) for investors from Wednesday, May 8, 2024, to Tuesday, May 14, 2024. And for individuals, from Sunday, May 26, 2024, to Monday, May 27, 2024. The company is offering 30% of its total shares at a value of 120 million shares, with a nominal value per share of 1 riyal. Below are more details, along with the prospectus.
Last March, an approval of the Board of the Capital Market Authority was issued, dated 09/03/1445 AH, corresponding to SMASCO’s request dated 03/13/2024 AD for registering and offering 120,000,000 shares for an IPO. This approval is effective for a period of six months from the date of the Authority Board’s decision.
Who is eligible for this IPO?
1- Investors. Investors are initially allocated 100% of the IPO, with a value of 120 million shares. The investors include all categories that are entitled to participate in the process of building the book runner, including:
- Equity funds.
- Foreign companies and institutions that meet requirements.
- Investors come from Gulf companies.
- Foreign investors, in accordance with Swap Agreements.
In cases where there’s sufficient demand from individual subscribers, the number of shares allocated to investors will be reduced to 90%, with a value of 108 million shares of the total offering.
2- Individual subscribers. Who is allocated 10% of the offering shares, worth 12 million shares.
Individual subscribers include every normal individual citizen of the Saudi Arabian Kingdom, every normal non-Saudi individual residing in the Kingdom, and every normal individual who is a citizen of one of the Gulf Cooperation Council countries and has a bank account in one of the receiving directions.
Prospectus and subscription dates
| Company Details | |
| Company | Saudi Manpower Solutions Company (SMASCO) |
| Main market | TASI |
| Company sector | Manpower services |
| Capital | 400 SAR |
| Total number of shares | 400 shares |
| Nominal value of the share | 1 riyal |
| Offering Details | |
| Offering percentage | 30 % |
| Shares offered | 120 million shares |
| Subscribers | Organizations and individuals |
| Minimum shares for individuals | 10 share |
| Minimum shares for organizations | 100 share |
| Maximum shares for individuals | 2.5 million shares |
| Maximum shares for organizations | 20 million shares |
| Subscription period for organizations and the process of building the bookrunner | Starts on Wednesday, May 8th, 2024. Ends on Tuesday, May 14th, 2024 |
| Subscription period for individuals | Starts on Sunday, May 26th, 2024. Ends on Monday, May 27th, 2024 |
| Shares allocation to be announced on | June 3rd, 2024 |
| Surplus shares to be returned on | June 10th, 2024 |
Who are we?
SMASCO, the Saudi Manpower Solutions Company, with the largest market share in the Kingdom in the field of supplying expatriate qualified workers. SMASCO’s main activities include the following sectors:
- Business sector: This is the primary sector of SMASCO, as it provides manpower services consisting of qualified professional workers in all business sectors.
- Individuals sector: Through a brand that belongs to SMASCO, Raha. Its activities extend to other countries in the Gulf Cooperation Council, where it provides a wide range of domestic workforce services qualified to meet individuals’ demands.
SMASCO is also pleased to announce that the offering will be on the main market, TASI, and to appoint AlAhli Capital Company as the financial advisor, offering chief, and underwriter for responding to investor and media inquiries.