Saudi Arabia's SMASCO aims to raise $240 mn via IPO

Saudi Arabian staffing company SMASCO aims to raise as much as 900 million riyals ($239.99 million) in its initial public offering on Riyadh's main bourse, it said on Wednesday.

The indicative price range for the IPO has been set at 7-7.5 riyals per share, implying a market capitalisation of between 2.8-3 billion riyals ($746.7-$800 million).

SMASCO plans to offer 120 million shares representing a 30% stake. The final pricing will be determined at the end of the book-building period, and is expected to be announced on May 19.