Saudi Arabia’s SAL sets price range for IPO: SAL Saudi Logistics Services’ IPO subscription could raise some USD 627-678 mn in its upcoming IPO, after it set its indicative price yesterday, according to a disclosure (pdf) on Tadawul. SAL set an indicative price range of USD 26.13-28.28 per share, according to the disclosure, potentially putting the offering size somewhere between USD 626.5 mn and USD 677.1 mn. This would value the company at between USD 2.09-2.26 bn, according to our math.

REMEMBER- Saudia Arabian Airlines and Tarabot Air Cargo services are jointly listing a 30% stake in their subsidiary SAL on the Saudi Tadawul Exchange, with both shareholders offering 24 mn shares.

The timeline: The subscription period for institutional investors to subscribe to 90% of the 30% stake of SAL kicked off yesterday and will run until 1 October. Retail investors’ subscription period will kick off on 11 October and run until 13 October.

Backgroun d: SAL has been planning an IPO since at least 2021, but the company got the greenlight to list a 30% stake in Tadawul from Saudi Arabia’s Capital Market Authority back in June.

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

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