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Smasco is going public: The Saudi Manpower Solutions Company (Smasco) has received Capital Market Authority approval to take sell a 30% stake on Tadawul’s main market, the regulator said yesterday. No further details were provided, but the statement said Smasco’s prospectus would be published “within sufficient time prior to the start of the subscription period.”
About the company: Established in 2012, Smasco provides recruitment and human resources solutions to companies.
We have a solid IPO pipeline taking shape through June: Modern Mills is close to wrapping up its IPO, and the Fourth Milling Company looks set to go public before the end of June, as we noted earlier this week.
And there’s lots more to come:
- eXtra is looking to sell 30% of its highly profitable consumer finance arm ;
- Singapore’s Olam Group is mulling the IPO of its Olam Agri subsidiary on Tadawul;
- Hypermarket operator Lulu is said to be eyeing a dual listing on Tadawul and ADX;
- Aster DM Healthcare looks set to spin-off its GCC assets and seek a dual listing on Tadawul and in the UAE.
Already this year: Regional broadcaster MBC debuting on Tadawul in January in a USD 222 IPO. Its IPO was recently the world’s top performing this year. Avalon Pharma has gone public on the main market, and there’s plenty of activity on Nomu, the Tadawul’s parallel market.
Speaking of Nomu:The CMA approved Neft Alsharq for Chemical Industry’s offering of 20% of its shares on the parallel market Nomu, it said in a statement yesterday. It also cleared ASG Plastic Factory Company’s planned offering of a 10.6% of shares on Nomu, it said in a separate statement.
AND- IT services firm Sure Global Tech has appointed Riyad Capital as its financial advisor for its planned transition from parallel market Nomu to the main market, it said in a disclosure to Tadawul yesterday. The move is still subject to approvals by Tadawul.
