#SaudiArabia's SAL Saudi Logistics could raise $678 mln from IPO | Reuters

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.