Saudi refrigeration systems manufacturer Consolidated Grünenfelder Saady Holding (CGS) priced its Tadawul IPO at SAR 10 per share, the top of its marketed range, after its institutional offering closed 61.6x oversubscribed, the company said in a press release (pdf) yesterday. The offer price will see the company’s selling shareholders raise about SAR 300 mn in gross IPO proceeds, implying a market cap of SAR 1 bn at listing.

REFRESHER- CGS, which holds 41% of Saudi Arabia’s automotive refrigeration and vehicle-body solutions market, is floating a 30% stake (good for 30 mn existing shares) in a secondary offering on Tadawul’s main market. Substantial shareholders are selling down their positions to a combined 70%, to be subject to a six-month lockup period.

Retail investors can subscribe to the IPO between 26–27 November, where they will be allowed to book up to 250k shares each, with the minimum subscription rate set at 10 shares. Final allocations are due 3 December, with the first day of trading still under wraps.

ADVISORS- Aljazira Capital is acting as the financial advisor, lead manager, underwriter, and joint bookrunner alongside Arqaam Capital. Himmah Capital is advising the selling shareholders, with Latham & Watkins providing legal counsel. PwC is acting as the financial due diligence advisor, Ernst & Young as the auditor, and Euromonitor International as the market consultant.

Receiving agents include Aljazira Capital, BSF Capital, Al Rajhi Capital, SNB Capital, Riyad Capital, Albilad Investment Company, Alistithmar Capital, Derayah Financial, Alinma Capital, ANB Capital, Yaqeen Capital, Alkhabeer Capital, Sab Invest, Sahm Capital, GIB Capital, Musharaka Capital, EFG Hermes KSA, and Awaed Alosool Capital.

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