SAL Saudi Logistics Services to IPO 30% stake: Saudia Arabian Airlines and Tarabot Air Cargo services are listing 30% of subsidiary air cargo handler Saudi Logistics Services’(SAL) shares on the Saudi Tadawul Exchange, according to a press release. The two shareholders will offer 24 mn shares in their subsidiary. Saudia currently owns 70% of SAL while Tarabot owns 30%.

The timeline: The bookbuilding period for institutional investors will run from 25 September to 1 October while retail investors will have from 11 October to 13 October, according to its prospectus (pdf).

The breakdown: Some 2.4 mn shares, will be offered to retail investors, accounting for 10% of the stake, while 90% will be offered to institutional investors, the prospectus said.

Background: SAL has been planning an IPO since at least 2021 where it had appointed HSBC Holdings as financial advisor at the time. The company got the greenlight to list a 30% stake in Tadawul from Saudi Arabia’s Capital Market Authority back in June.

Advisors: SAL tapped HSBC Saudi Arabia as the sole financial advisor, bookrunner, global coordinator, lead manager and underwriter for the IPO.

About SAL: The logistics and supply chain solutions provider was spun out as its own firm in December 2019 from Saudi Airlines Cargo Company, according to its website. The company handles some 95% of the nation's inbound and outbound air cargo. The logistics solutions it offers include customs clearance for general cargo, cold chain and special cargo, road feeder services, and special project logistics.

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