CGS Prices IPO at Top of Range and Maintains Full-year Guidance

Logo of Consolidated Grünenfelder Saady Holding Co. (CGS)

Consolidated Grünenfelder Saady Holding Co. (CGS), has priced its initial public offering at SAR 10 per share, the top of its indicative range, valuing the Company at SAR 1 billion.

The Company’s IPO will enable its continued growth, and it maintains its full-year financial guidance for FY26.

In a statement, CGS explained that the first-half revenues for the current fiscal year reached SAR 187.4 million, down 13.4% against the same period last year, attributable to the delayed timing of new orders versus prior year timing, second-half performance is tracking above prior years.

CEO Peter Faerber said the year-on-year variance was anticipated and reflected the timing of major project awards rather than any structural shift in market demand or competitive position.

"This year's first half was exceptional in terms of contract award timing, with an unusually high concentration of awards later in the year," said Peter Faerber, CEO. "What we’re experiencing is a change of timing driven in part by a change in mix of our segment contributions as Stationary refrigeration & Customized solutions become a larger proportion of our overall volumes,” Faerber added.

The company has maintained its full-year financial guidance for 2026, with the order book more heavily weighted towards the second half than in previous years.

The management has a good visibility on the current backlog, which is sufficient to deliver against estimates for FY 2026, with some orders anticipated to provide revenue visibility into FY 2027 and FY 2028.

CGS operates across four key segments including refrigerated transportation, fixed refrigeration, bespoke solutions and after-sales services.

CGS is a market leader in the refrigeration sector in the Kingdom, with an average market share of approximately 45% in Automotive Solutions, an area expected to grow under Saudi Vision 2030.

The Company’s product portfolio goes beyond transport refrigeration, with solutions catering to commercial, industrial, and semi-industrial refrigeration systems, from cold rooms and process cooling to large cold storage.

CGS also provides other engineered solutions for sectors such as medical including the only provider of ambulances meeting Ministry of Health and Saudi Red Crescent standards.