Saudi recruitment company SMASCO announced the final price of its IPO at 7.50 riyals per share via the Saudi stock exchange on Sunday.
The company aims to raise up to 900 million riyals ($240 million) in its IPO on Riyadh’s main market, as it said earlier this month.
SMASCO plans to offer 120 million shares representing a 30% stake.
The individual investor subscription process will begin next Sunday and end next Monday, according to the release, with 10% of the total shares available to individual investors.
A number of IPOs have taken place in the Gulf this year, including those of Saudi flour milling company Modern Mills, UAE supermarket franchisee Spinneys, and Kuwaiti company BIG Holding.
The growth of IPOs in the region is part of broader plans to deepen capital markets, grow the private sector and attract investment.
Indeed, companies domiciled in the Middle East and North Africa (MENA) region raised $1.2 billion in IPO proceeds during the first quarter of this year, a decline by 66% compared to the previous year, according to data from consulting firm EY.
($1 = 3.7503 riyals) (Reporting by Pesha Magid; Editing by Giles Elgood)
