Biggest Saudi Airline to list 30% stake in cargo firm IPO

Saudi Arabia’s biggest airline and another shareholder will list a 30% stake in cargo firm SAL Saudi Logistics Services Co. in a Riyadh initial public offering, as the kingdom’s market for listings picks up after a slow start to the year. Saudi Arabian Airlines, also known as Saudia, and Tarabot Air Cargo Services Ltd. are offering 24m shares in the cargo firm in the Tadawul listing, according to a statement on Tuesday. Saudia currently owns 70% of SAL while Tarabot owns 30% of the firm. The bookbuilding period for institutional investors will run from Sept. 25 to Oct. 1 while retail buyers will be able to place orders from Oct. 11 to Oct. 13, according to SAL’s prospectus. SAL joins a growing pipeline of companies looking to list in the Persian Gulf’s biggest market, buoyed by a 12% rally in the benchmark index since a March low on more stable oil prices and optimism from earnings. <br/>