Saudi cargo firm SAL Logistics IPO could raise as much as $678 mln

Saudi Arabian cargo firm SAL Logistics Services Co could raise as much as 2.54 billion riyals ($678 million) from its initial public offering after the company disclosed an indicative price range on Monday.

SAL Logistics is 70 percent owned by Saudi Arabian Airlines Corporation (Saudia) and 30 percent owned by Tarabot Air Cargo Services Limited. Saudia and Tarabot are jointly offering a 30 percent stake in SAL Logistics, comprising 24 million ordinary shares.

SAL Logistics said the price range was set at 98 riyals ($26.13) to 106 riyals per share.

The offering size is expected to be between 2.35 billion riyals and 2.54 billion riyals, implying a market capitalization on listing of 7.84 billion riyals to 8.48 billion riyals.

HSBC Saudi Arabia is acting as the sole financial advisor,bookrunner, global coordinator, lead manager and underwriter.