{"id":73464,"date":"2023-09-13T00:00:00","date_gmt":"2023-09-13T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2023\/09\/13\/sal-saudi-logistics-services-is-set-to-ipo-30-stake-on-tadawul\/"},"modified":"2023-09-13T00:00:00","modified_gmt":"2023-09-13T00:00:00","slug":"sal-saudi-logistics-services-is-set-to-ipo-30-stake-on-tadawul","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2023\/09\/13\/sal-saudi-logistics-services-is-set-to-ipo-30-stake-on-tadawul\/","title":{"rendered":"SAL Saudi Logistics Services is set to IPO 30% stake on Tadawul"},"content":{"rendered":"

SAL Saudi Logistics Services to IPO 30% stake: <\/strong>Saudia Arabian Airlines and Tarabot Air Cargo services are listing 30% of subsidiary air cargo handler Saudi Logistics Services\u2019<\/a>(SAL) shares on the Saudi Tadawul Exchange, according to a press release<\/a>. The two shareholders will offer 24 mn shares in their subsidiary. Saudia currently owns 70% of SAL while Tarabot owns 30%. <\/p>\n

The timeline: <\/strong>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<\/a>).<\/p>\n

The breakdown<\/strong>: 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. <\/p>\n

Background: <\/strong>SAL has been planning<\/a> 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\u2019s Capital Market Authority back in June. <\/p>\n

Advisors: <\/strong> SAL tapped HSBC Saudi Arabia as the sole financial advisor, bookrunner, global coordinator, lead manager and underwriter for the IPO.<\/p>\n

About SAL: <\/strong> 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<\/a>. The company handles some 95% of the nation's inbound and outbound air cargo. The logistics solutions it offers include<\/a> customs clearance for general cargo, cold chain and special cargo, road feeder services, and special project logistics.<\/p>\n","protected":false},"excerpt":{"rendered":"

The book building process will kick off on 25 September<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"","ping_status":"open","sticky":false,"template":"single-feature.php","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":[229],"tags":[145,17,228,25,31],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-73464","post","type-post","status-publish","format-standard","hentry","category-ipo-watch","tag-aviation","tag-enterprise-logistics","tag-ipo-watch","tag-logistics","tag-saudi-arabia","wpautop","entry"],"acf":{"mongo_id":"76a97c56-0919-4743-968a-5003fe74e9c1","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/9\/874.jpg,https:\/\/www.facebook.com\/photo\/?fbid=415617124061127&set=a.382882680667905","photo_position":"above","homepage_title":"","full_issue_title":"Saudi Logistics Services is set to IPO 30% stake on Tadawul","related_issue":[73459],"teaser":"The book building process will kick off on 25 September","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/9\/.b3ad8f41-b8d9-4a8e-a703-3653ea5442e3.mp3"},"yoast_head":"\nSAL Saudi Logistics Services is set to IPO 30% stake on Tadawul - 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