Saudi Arabian staffing company SMASCO aims to raise as much as SAR 900 million (USD 239.9 million) in its initial public offering on Riyadh's main bourse, reports Reuters. The indicative price range for the IPO has been set at SAR 7- 7.5 (USD 1.87 to 2.0) per share, implying a market capitalisation of between SAR 2.8-3 billion (USD 746.6 to799.9 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 19 May.