Saudi Manpower Solutions Company announces listing and commencement of trading on Saudi ExchangeA

SAUDI MANPOWER SOLUTIONS COMPANY (“SMASCO” or the “Company” or the “Group”) the leading manpower solutions company in the Kingdom of Saudi Arabia (the “Kingdom”), announced today the listing of its shares on the Main Market of the Saudi Exchange following ethe successful completion of its initial public offering (the “IPO” or “Offering”). The Company is now trading under the ticker symbol: 1834.

The Offering comprised a secondary offering of 120,000,000 ordinary shares (the “Offer Shares”) representing 30% of the Company’s total issued share capital. 90% of the Offer Shares were allocated to certain institutional investors (the “Participating Parties”).  The institutional book-building process generated an order book of SAR 115 billion and resulted in a subscription coverage of approximately 128x.

The Final Offer Price was set at SAR 7.50 per share, at the top end of the price range, with the Company successfully raising gross proceeds of approximately SAR 900 million with an implied market capitalization of SAR 3 billion at listing.

Abdullah Rakan Altimyat, Chief Executive Officer of SMASCO commented: “We are immensely proud to announce the successful listing of SMASCO on the Main Market of the Saudi Exchange, marking a significant milestone in our journey as a leader in manpower solutions within the Kingdom.

This achievement reflects the strong confidence the market has in our strategic direction and operational capabilities. The overwhelming response from institutional investors, resulting in a subscription rate of 128 times and setting our final offer price at the end of our range, underscores the trust in our potential for growth and innovation.

As we begin this new chapter, our focus remains on delivering exceptional value to our shareholders and partners while continuing to drive innovation and excellence in the manpower solutions sector across Saudi Arabia. We are excited for the journey that lies ahead as we continue to support the Kingdom’s Vision 2030 through strategic expansions and enhancing workforce capabilities. “