United Carton Industries Sets IPO Price, Aims to Raise $160 Million

United Carton Industries Company (UCIC), a leading Saudi cardboard packaging manufacturer, has announced the final price for its initial public offering (IPO) at SAR 50 per share. This will allow the company to raise approximately 600 million Saudi riyals (nearly $160 million) from the Saudi market listing. With a post-listing market capitalization projected at SAR 2 billion ($533 million), UCIC has witnessed substantial interest during the institutional book-building process, which was oversubscribed 126 times, reaching approximately SAR 75.8 billion ($20.2 billion) in orders. The company plans to sell 12 million shares, accounting for 30% of its share capital. The retail subscription period will occur over two days, starting May 12, with allocations anticipated on May 18. UCIC, established in 1988, operates across several locations in Saudi Arabia and the UAE. The company has demonstrated solid financial performance with 2024 revenues of SAR 1.34 billion and a net profit of SAR 125 million. Trading on the Main Market (TASI) is subject to regulatory approvals.