By: AGBI

Cold-chain tech company Consolidated Grünenfelder Saady Holding (CGS) will open subscriptions for its initial public offering next month.

The Saudi-Swiss joint venture, which produces refrigerated vehicles and warehouses across Saudi Arabia and Bahrain, is selling 30 million shares (30 percent of its share capital) on the Saudi Stock Exchange.

The Capital Market Authority approved the listing in June. 

The shares will be sold by the current shareholders, Darat Esmat Bin Abdul-Samad Al Saady Holding Company and GK Grünenfelder International AG. 

The final offer price will be announced on November 5, followed by a book-building process from November 5-11.

Up to 6 million shares, or 20 percent of the total offer, will be allocated to retail investors, with subscriptions open from November 26-27. 

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

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

“The IPO will accelerate our ability to support Vision 2030 by strengthening food security, advancing healthcare logistics and supporting sustainable industrial growth,” CGS chairman Sinan Al Saady said. 

The listing date on the Saudi bourse was not given.