Saudi Manpower Solutions Company (SMASCO) Receives CMA Approval for its Initial Public Offering on the Saudi Exchange

Riyadh, Kingdom of Saudi Arabia, 14 March 2024: The market-leading and the first manpower service provider to be awarded a license in the Kingdom of Saudi Arabia, Saudi Manpower Solutions Company (“SMASCO”) is pleased to announce that the Capital Market Authority (“CMA”) has granted approval for the registration and initial public offering (“IPO”) of shares on the Saudi Exchange (Tadawul). This approval, dated 03/09/1445H (corresponding to 13/03/2024G), facilitates the offering of 120,000,000 shares, representing 30% of SMASCO’s total issued share capital.

SMASCO’s prospectus detailing information on financial statements, operational activities, risks, and management will be published prior to the start of the subscription period.

The CMA’s approval is valid for 6 months from the approval date by the CMA’s Board. Further information regarding the CMA’s rules on approval, can be found here.

In connection with the IPO, SNB Capital has been appointed as the Financial Advisor, Lead Manager, and Underwriter.

Established in 2012G, SMASCO is a pioneer in the manpower industry, offers end-to-end services and holds a leading market share of 14% – 16% as of 2022G. SMASCO has deployed over 160,000 workers since its inception and as of 30 September 2023 has deployed a workforce of over 35,000 active resources.

Offering services across more than 765 professions and in over 55 cities and provinces, SMASCO supports corporate entities through the business sector, and individuals through its Raha brand and SMEs through its innovative Rowad application which exemplifies its commitment to excellence, trust, industry leadership, and innovation, particularly through the use of digitization in which SMASCO has led the industry. 

SMASCO has helped its customers in the Kingdom’s fast-growing and diversifying economy to meet their manpower requirements. SMASCO has been a leader in shaping the Kingdom’s manpower industry, aligning with Vision 2030’s strategic objectives and streamlining recruitment to efficiently connect employers with top talent, supporting economic diversification and job fulfillment.

For more information, please visit the CMA’s website (www.cma.org.sa) and SMASCO’s website (www.smasco.com), where the IPO prospectus will be published in due course.

For investor and media inquiries, please contact:

Instinctif Partners

Matthew Smallwood, Managing Partner


+971 52 193 7883

Joann Joseph, Senior Consultant


+971 58 257 5490