Saudi Arabia's SAL Saudi Logistics could raise $678 mln from IPO | Reuters
Saudi Arabian cargo business SAL Saudi Logistics Services Co could raise as much as 2.54 billion riyals ($678 million) from its initial public offering (IPO) after the company disclosed an indicative price range on Monday.
SAL Saudi Logistics is 70% owned by Saudi Arabian Airlines Corporation (Saudia) and 30% by Tarabot Air Cargo Services. Saudia and Tarabot are jointly offering a 30% stake in SAL Logistics, comprising 24 million ordinary shares.
The price range was set at 98 riyals ($26.13) to 106 riyals per share, SAL Saudi Logistics said.
The offering is expected to total between 2.35 billion riyals and 2.54 billion riyals, implying a market capitalisation of between 7.84 billion riyals and 8.48 billion riyals.
The book-building process began on Monday, the company said. A final price for the shares will be determined at the end of the book-building period, set for Oct. 1.
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