By: AGBI

The final offer price for the initial public offering (IPO) of Saudi-Swiss cold-chain technology company Consolidated Grünenfelder Saady Holding (CGS) has been set at SAR10 ($2.67) per share.

The price implies a market capitalisation of SAR1 billion ($267 million) at listing for the joint venture, which operates refrigerated vehicles and warehouses across Arabia and Bahrain.

The institutional book-building was oversubscribed by almost 62 times, with orders from institutional investors totalling SAR18.5 billion, the company said in a statement.

Subscription for the retail tranche will last two days, starting on November 26.

The IPO comprised 30 million shares (30 percent of its share capital) on the Saudi stock exchange, with up to 6 million shares (20 percent of the total offer) allocated to retail investors.

The final allocations will be announced on December 3, with refunds of excess subscriptions on December 4, the statement said.

CGS serves sectors such as food, beverages and pharmaceuticals. Its revenue logged 40 percent compound annual growth between 2023 and 2025, supported by expanding demand for its products and services.