SMASCO issues prospectus to float 120M shares on TASI

Logo of Saudi Manpower Solutions Co. (SMASCO)

Saudi Manpower Solutions Co. (SMASCO) published the prospectus for offering 120 million shares, or 30% of the company’s share capital, on the Saudi Exchange (Tadawul) for a nominal value of SAR 1 per share.

In March, the Capital Market Authority (CMA) approved SMASCO’s application to list on the Main Market (TASI).

For More IPOs

The share sale for retail investors will run from May 26 to 27, 2024.

Qualified Subscribers

Participating parties: Those who are qualified to participate in the book building process, including investment funds, foreign companies and institutions, investors from GCC companies, and other foreign investors by virtue of swap agreements. Initially, all offered shares (100%) are allocated to this category. If there is sufficient demand from retail investors, the number of shares for participating parties will be reduced to 108 million shares, or 90% of total offered shares.

Individual investors: Saudi nationals, non-Saudi natural persons resident in the Kingdom, nationals of GCC states who have a bank account with one of the receiving entities. The category was allocated 12 million shares, or 10% of the total offering.

The company's activities include administrative services, support services, employment agency activities, and temporary employment agency activities.

According to the commercial register, the company’s activities involve temporary employment agencies for domestic services and temporary employment agencies for expatriate labor services.

The company's core activities consist of the following main business segments:

Corporate segment: This segment is the cornerstone of the group's work, as it provides comprehensive workforce services for several sectors through the professional and unskilled workforce.

Individual segment: This segment provides a wide range of domestic workforce services.

Company Profile
Company	Saudi Manpower Solutions Co. (SMASCO)
Market	TASI
Core Activities	Manpower services
Capital	SAR 400 mln
Number of Shares	400 mln shares
Share Par Value	SAR 1

IPO Summary
Issue Percentage	30%
Number of Shares Offered	120 mln shares
Qualified Subscribers	Participating institutions and individuals
IPO Minimum Limit for Retail Investors	10 shares
IPO Minimum Limit for Institutional Investors	100,000 shares
IPO Maximum Limit for Retail Investors	2.5 mln shares
IPO Maximum Limit for Institutional Investors	20 mln shares
Institutional Offer Period and Book Building	From May 8 to 14, 2024
Retail Offering	From May 26 to 27, 2024
Final Allocation	June 3, 2024
Refund (if any)	June 10, 2024

Additional Information
Financial Advisor, Book-Runner, and Underwriter	SNB Capital
Receiving Banks	Al Rajhi Bank - Saudi National Bank - SNB Capital

Major Shareholders
Shareholders	Pre-IPO		Post-IPO
Shareholders	Number of Shares (mln shares)	Ownership (%)	Number of Shares (mln shares)	Ownership (%)
Al Holoul Al Mutakamela Holding Company	280.0	70.00%	191.11	47.76%
Rafid Advanced Investments Company	30.0	7.50%	19.35	4.84%
Mohammed Abdulaziz Al Habib & Sons Holding Company	20.0	5.00%	14.00	3.50%
Al Masa Real Estate Company	20.0	5.00%	14.00	3.50%
Abdullah Nasser Abdullah Al Dawood	12.0	3.00%	12.00	3.00%
Abdullah Amer Munif Al Nahdi	6.0	1.50%	4.20	1.05%
Abdulaziz Abdulrahman Mohammed Al Omran	5.0	1.25%	3.50	0.88%
Al Mojel Trading and Contracting Company	5.0	1.25%	3.50	0.88%
Mohammed Sulaiman Ibrahim Al Sabti	5.0	1.25%	5.00	1.25%
Tareq Othman Abdullah Al Kasabi	5.0	1.25%	3.50	0.88%
Nawat Real Estate Investment Company	5.0	1.25%	5.00	1.25%
Al Jazeel Arabian Holding Company	2.0	0.50%	1.40	0.35%
Majed Abdullah Hamad Al Hogail	2.0	0.50%	1.40	0.35%
Etihad Noorah Investment Company Limited	1.25	0.31%	0.875	0.22%
Norah Al Malahi Foundation	1.25	0.31%	0.875	0.22%
Ahmad Yousef Mohammed Salah Jamjoom	0.5	0.13%	0.350	0.09%
Public	--	--	120.0	30.00%
Total	400.0	100%	400.0	100%

Issues Prospectus

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