Announcing the IPO Date for Both Investors and Individuals

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
CompanySaudi Manpower Solutions Company (SMASCO)
Main marketTASI
Company sector Manpower services
Capital400 SAR
Total number of shares400 shares
Nominal value of the share1 riyal
Offering Details 
Offering percentage30 %
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 organizations20 million shares
Subscription period for organizations and the process of building the bookrunnerStarts 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 onJune 3rd, 2024
Surplus shares to be returned onJune 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.