Posted 10/6/2023, 5:40:03 AM
Saudi Cargo Firm SAL's $678M IPO Oversubscribed 72X with $48.6B in Orders
- Saudi cargo firm SAL received $48.6 billion in orders for its $678 million IPO, 72 times the shares offered.
- The IPO is set to be Saudi Arabia's second largest this year after ADES Holdings' $1.2 billion offering.
- SAL IPO resurgence comes amid higher oil prices and renewed investor demand after a slow start this year.
- SAL has 95% market share of cargo handling in Saudi and supports plans to become a global supply chain hub.
- Retail investors can place SAL IPO orders from Oct 11-13 which is managed by HSBC's Saudi unit.