{"id":102971,"date":"2025-12-02T00:00:00","date_gmt":"2025-12-02T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2025\/12\/02\/cgs-wraps-up-tadawul-ipo-with-retail-portion-undersubscribed\/"},"modified":"2025-12-02T00:00:00","modified_gmt":"2025-12-02T00:00:00","slug":"cgs-wraps-up-tadawul-ipo-with-retail-portion-undersubscribed","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2025\/12\/02\/cgs-wraps-up-tadawul-ipo-with-retail-portion-undersubscribed\/","title":{"rendered":"CGS wraps up Tadawul IPO, with retail portion undersubscribed"},"content":{"rendered":"

<\/strong>Consolidated Gr\u00fcnenfelder Saady Holding\u2019s (CGS) retail offering closed<\/strong> undersubscribed<\/strong>, with nearly 79k subscribers taking up 4.3 mn shares at SAR 10 apiece, representing 14.2% of total shares on offer, it said in a press release (pdf)<\/a>. Some 20% of the total IPO was open to retail buyers, according to the prospectus. Final allocations are due tomorrow, with the first day of trading still under wraps. <\/p>\n

REFRESHER- <\/strong>This comes after last week\u2019s stellar institutional offering<\/a>, which closed 61.1x oversubscribed and prompted CGS to price its IPO at SAR 10, the top end of the range. The offer price values the company at around SAR 1 bn at listing and will see selling shareholders raise roughly SAR 300 mn in gross proceeds. CGS, which holds 41% of Saudi Arabia\u2019s automotive refrigeration and vehicle-body solutions market, is floating a 30% stake<\/a>, equivalent to 30 mn existing shares, in a fully secondary sale on Tadawul. Post-listing, substantial shareholders will retain a combined 70% stake under a six-month lockup.<\/p>\n

This puts CGS toward the bottom of this year\u2019s Tadawul IPO league table:<\/strong> Its roughly SAR 300 mn raise slots well below mid-sized offerings such as Marketing Home Group<\/a> (SAR 408 mn) and comfortably under Entaj<\/a> (SAR 450 mn).<\/p>\n

Advisors: <\/strong>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.<\/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":"

Final allocations are due tomorrow<\/p>\n","protected":false},"author":1,"featured_media":102972,"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":[4674,10,29],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-102971","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ipo-watch","tag-cgs","tag-enterpriseam-ksa","tag-ipo-watch","wpautop","entry"],"acf":{"mongo_id":"9a43f7b0-deab-4c2f-8695-b7097b07290c","order":"9","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 wraps up Tadawul IPO, with retail portion undersubscribed","related_issue":[102956],"teaser":"Final allocations are due tomorrow","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/12\/.803f05f1-36de-4a0e-a395-ce67364502cc.mp3"},"yoast_head":"\nCGS wraps up Tadawul IPO, with retail portion undersubscribed - 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