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Saudi cold-chain manufacturer Consolidated Grünenfelder Saady Holding (CGS) inched up 0.8% to close its first day of trading on Tadawul at SAR 10.08 per share, according to market data. The stock swung between a high of SAR 10.79 and a low of SAR 9.70, with around 19.2 mn shares changing hands across 16.7k trades worth SAR 192.5 mn.
IN CONTEXT- The gain, modest as it is, puts CGS alongside Almasar Education as one of the rare IPOs to post a positive first day performance in 3Q, defying a broader run of weaker debuts (think Cherry Trading and Marketing Home Group) amid liquidity strains. “Everyone will adjust to the idea that not all IPOs will perform 30-40% on day one,” Mostafa Gad, EFG Hermes’ head of investment banking, told Bloomberg. “We’re becoming a mature market,” he added.
CGS’s SAR 300 mn debut ranks in the lower tier of 2025 offerings and ahead only of Sport Clubs Company (SAR 257 mn) and Cherry Trading (SAR 252 mn). With the benchmark down roughly 12% YTD, TASI is headed for its worst year since 2015, weighing on a number of newly-listed stocks, with some IPO hopefuls not even making it to market. Average listing gains in Saudi dipped into negative territory this year, only two of the kingdom’s larger debuts now trade above offer, and institutional books — which once drew triple-digit coverage — are coming in more measured, Bloomberg notes. IPO sizes also tightened as investors lean toward simpler, mid-market names rather than SAR bn raises.
REFRESHER- The cold-chain manufacturer, which holds around 41% of the Kingdom’s automotive refrigeration and vehicle-body solutions market, took a 30% stake to market in a secondary offering. Shares were priced at SAR 10 apiece, valuing the company at around SAR 1 bn at listing and handing selling shareholders some SAR 300 mn in gross IPO proceeds.
ADVISORS- Aljazira Capital acted as financial advisor, lead manager, underwriter, and joint bookrunner alongside Arqaam Capital, Himmah Capital was advisor to the selling shareholders, Latham & Watkins provided counsel to the company, PwC was financial due diligence advisor, Ernst & Young was auditor, and Euromonitor International acted as market consultant.
ALSO IN THE PIPELINE-
- The Capital Market Authority (CMA) most recently signed off on Al Andalus Educational ’s plan to float a 30% stake on Tadawul;
- Nomu-listed Qomel’s board approved its transition to the Tadawul’s main market appointing Estidamah Capital as its financial advisor for the move
- IT firm Ejada Systems, which missed its six-month IPO window, is set to resubmit an IPO application to the CMA;
- PIF-backed Saudi Global Ports, Tabreed District Cooling, Medical procurement firm Nupco, Riyad Capital, and BNPL platform Tabby are among companies that tapped banks for potential IPOs;
- F&B players Barns, Half Mn, Deemah, and Hashi Bashi were said to be sounding out banks for potential debuts on the main market;
- Almosafer is preparing for a public listing on Tadawul by late 2025 or early 2026;
- Alternative hospitality platform Gathern, local contractor Mutlaq Al Ghowairi Contracting (MGC), PIF-backed CloudKitchens, fast delivery app Ninja, Meal subscription startup Calo, Emkan Finance, and Tamweel Aloula are all said to be considering Tadawul IPOs.
