{"id":102194,"date":"2025-11-06T00:00:00","date_gmt":"2025-11-06T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2025\/11\/06\/cgs-holdings-tadawul-ipo-is-live\/"},"modified":"2025-11-06T00:00:00","modified_gmt":"2025-11-06T00:00:00","slug":"cgs-holdings-tadawul-ipo-is-live","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2025\/11\/06\/cgs-holdings-tadawul-ipo-is-live\/","title":{"rendered":"CGS Holding\u2019s Tadawul IPO is live"},"content":{"rendered":"

The institutional offering of Consolidated Gr\u00fcnenfelder Saady Holding\u2019s<\/strong> (CGS) IPO <\/strong>opened yesterday<\/strong>, and will run until Tuesday, 11 November, with the cold chain manufacturer marketing shares in a price range of SAR 9.50-10, it said in a press release (pdf).<\/a> The price guidance implies a market cap of around SAR 1 bn at listing and could see selling shareholders raise up to SAR 300 mn in gross proceeds, according to our calculations. CGS holds around 41% of Saudi Arabia\u2019s automotive refrigeration and vehicle-body solutions market.<\/p>\n

REFRESHER- CGS secured regulatory approval to take a 30% stake public on Tadawul <\/strong>back in July<\/a>. Some 30 mn existing shares will be up for grabs in a secondary offering open to both institutional and retail investors. Substantial shareholders are selling down their positions to a combined 70% stake in the company, subject to a six-months lockup period, and will rake in all the proceeds (excluding SAR 22 mn in IPO-related expenses), according to the prospectus (pdf)<\/a>. <\/p>\n

Institutional investors can apply to a maximum of 5 mn shares each and a minimum of <\/strong>100k<\/strong>, while retail investors could receive up to 20% of the offer under a clawback mechanism. Their subscription period runs 26-27 November, during which they can book up to 250k shares each with the minimum amount set at 10. Final allocations are due 3 December.<\/p>\n

A snapshot of earnings: <\/strong>CGS posted a net income of SAR 49.2 mn in 9M 2024, up 66.5% y-o-y. Its revenue came in at 364 mn over the same period marking a 48.9% y-o-y gain. <\/p>\n

ADVISORS- <\/strong>Aljazira Capital is acting as financial advisor, lead manager, underwriter, and joint bookrunner alongside Arqaam Capital; Himmah Capital as advisor to the selling shareholders; Latham & Watkins as legal counsel to the company; PwC as financial due diligence advisor; Ernst & Young as auditor; and Euromonitor International as market consultant.<\/p>\n

Receiving agents <\/strong>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.<\/p>\n","protected":false},"excerpt":{"rendered":"

The cold chain manufacturer is marketing shares in a price range of SAR 9.5-10<\/p>\n","protected":false},"author":1,"featured_media":102195,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2542],"tags":[4466,10,29],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-102194","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ipo-watch","tag-cgs-holding","tag-enterpriseam-ksa","tag-ipo-watch","wpautop","entry"],"acf":{"mongo_id":"1f2afdb8-837d-46b8-8dff-efa7bd468697","order":"6","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2025\/10\/1712.jpg","photo_position":"above","homepage_title":"","full_issue_title":"CGS Holding\u2019s Tadawul IPO is live","related_issue":[102184],"teaser":"The cold chain manufacturer is marketing shares in a price range of SAR 9.5-10","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/11\/.2118bc13-a4fb-4f4b-a24a-da6761abb862.mp3"},"yoast_head":"\nCGS Holding\u2019s Tadawul IPO is live - 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