The Saudi Arabian employment firm SMASCO announced its intention to raise up to 900 million riyals (approximately $240 million) through an Initial Public Offering (IPO) on the Riyadh stock exchange.
The company has indicated that the share price range for the IPO is expected to be between 7 and 7.5 riyals per share, which would value the company at about 2.8 to 3 billion riyals ($746.7 to $800 million).
In its planned public offering, SMASCO is looking to sell 120 million shares, which amounts to a 30% stake in the company. The final share price will be decided after the book-building period concludes, with the announcement scheduled for May 19.