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Logo of Consolidated Grünenfelder Saady Holding Co. (CGS)
Retail investors will start subscribing to six million shares of Consolidated Grünenfelder Saady Holding Co. (CGS) on the Main Market (TASI) at SAR 10 per share, based on the price determined through the book-building process.
The retail offering will run for two days until Nov. 27.
The retail tranche represents 20% of the total shares on offer.
In June, the Capital Market Authority (CMA) approved the company’s application to float 30 million shares on TASI, representing 30% of its SAR 100 million capital, divided into 100 million shares, at a par value of SAR 1 each.
The company’s institutional offering, which ended last week, was 61.6x covered.
This is the 12th IPO on TASI this year after Derayah Financial Co. on Feb. 20, Arabian Company for Agricultural & Industrial Investments (Entaj) on Feb. 26, and Umm Al Qura for Development and Construction Co. (Masar) on May 5. This is in addition to United Carton Industries Co. (UCIC) on May 27, flynas Co. on June 18, Specialized Medical Co. (SMC) on June 25, Sport Clubs Co. on July 8, Dar Al Majed Real Estate Co. (Al Majdiah) on Aug. 14, Marketing Home Group for Trading Co. on August 19, Cherry Trading Co. on Nov. 12, and Almasar Alshamil Education Co. on Nov. 18.
Tadawul witnessed 14 IPOs last year, following listings by Middle East Pharmaceutical Industries Co. (Avalon Pharma) on Jan. 30, Modern Mills for Food Products Co. on March 5, Miahona Co. and Dr. Soliman Abdulkader Fakeeh Hospital Co. (Fakeeh Care) on May 21, Saudi Manpower Solutions Co. (SMASCO) on May 26, Al Taiseer Group Talco Industrial Co. (TALCO) on May 28, Rasan Information Technology Co. on May 29, Almajed for Oud Co. on Sept. 15, Arabian Mills Co. on Sept. 18, Fourth Milling Co. (MC4) on Oct. 2, Tamkeen Human Resources Co. on Nov. 5, United International Holding Co. (Tasheel) on Nov. 19, Almoosa Health Co. on Dec. 23 and Nice One Co. on Dec. 24.
Company Profile
CGS is a private, mixed Saudi joint-stock firm, founded in 1977 by Swiss engineer Albert Grunenfelder, Saudi entrepreneur Esmat Al Saady, and the Saudi Establishment for Engineering Equipment Corp. (Conato), with its headquarters in Riyadh.
The company’s main activities include refrigerated transportation, refrigeration, and customized solutions - units designed according to client needs - along with after-sales services.
According to the issuance prospectus, the refrigerated transportation segment accounted for the largest share of the company’s revenues at 66.8%, followed by refrigeration at 18.9%, customized solutions at 12.8%, and after-sales services at approximately 1.6% as of the fiscal year (FY) ended March 2024.
Revenue by Product and Service – FY Ended March 2024
|
Segment |
Revenue (SAR mln) |
% of Total |
|
Refrigerated Transportation |
230.85 |
66.84% |
|
Refrigeration |
65.11 |
18.85% |
|
Customized Solutions |
44.05 |
12.75% |
|
After-Sales Services |
5.37 |
1.55% |
|
Total |
345.37 |
100% |
According to the data, CGS owns three wholly-owned subsidiaries in Saudi Arabia and Bahrain. Its subsidiary, CGS Riyadh, operates four branches, while neither the parent company nor CGS Jeddah has any branches.
The group plans to establish a second industrial facility in Al-Kharj Industrial City, having acquired a 70,000 square meters land plot. The facility will be equipped with technologies related to the Fourth Industrial Revolution (Industry 4.0) and will host a range of current operations alongside dedicated facilities for new products, including ambulance production and solutions for the defense, oil, and gas sectors.
CGS plans to invest over SAR 150 million over the next three years to meet growing demand and expand its product portfolio, according to the issuance prospectus.
Market Share
The prospectus indicated that CGS is the largest player in the refrigerated transportation solutions market in Saudi Arabia, based on estimated revenues and the volume of cooling units supplied to original equipment manufacturers (OEMs), with a market share of approximately 41% across its three locations.
The top five companies dominate the sector’s total market revenues, while CGS maintained its leadership in refrigerated transportation and ranked third in the fixed cooling sector.
Company Market Share Rankings by Revenue – 2023
|
Company |
Rank |
|
Transport Refrigeration Solutions Companies |
|
|
CGS |
1 |
|
Alshehili Co. |
2 |
|
Al Mutlaq |
3 |
|
TSSC |
4 |
|
International Factory for Refrigeration Industry |
5 |
|
Stationary Refrigeration Solutions Companies |
|
|
Johnson Controls Arabia (JCA) |
1 |
|
GEA |
2 |
|
CGS |
3 |
|
Omega Engineering |
4 |
|
Daikin |
5 |
Company Revenues
CGS Riyadh is the main driver of the group’s revenues, generating approximately SAR 245.5 million, or nearly 70% of total income, while CGS Jeddah contributed around SAR 103.7 million, equivalent to 30% of total revenues.
Revenues (SAR mln)
|
Subsidiary |
FY Ended March 2023 |
FY Ended March 2024 |
9M Ended Dec. 31, 2024 |
|
CGS Riyadh |
151.9 |
245.5 |
278.7 |
|
CGS Jeddah |
104.9 |
103.7 |
80.2 |
|
CGS Bahrain |
-- |
-- |
5.1 |
|
Total |
256.8 |
349.1 |
364.0 |
Based on geographic revenue distribution, Riyadh recorded the highest revenues at 53% by the end of FY ended March 2024, followed by Jeddah at 30%.
Company Revenues by Region – FY Ended March 2024 (SAR mln)
|
Region |
Value |
% of Total |
|
Riyadh |
186.0 |
53% |
|
Jeddah |
103.7 |
30% |
|
Dammam |
55.7 |
16% |
|
Outside KSA |
3.8 |
1% |
|
CGS – Jeddah (pre-acquisition) |
-- |
-- |
|
Total |
349.1 |
100% |
|
Company Profile |
|
|
Company |
Consolidated Grunenfelder Saady Holding Co. (CGS) |
|
Core Activities |
Managing subsidiaries |
|
Capital |
SAR 100 mln |
|
Number of Shares |
100 mln |
|
Share Par Value |
SAR 1 |
|
IPO Summary |
|
|
Offering Percentage |
30% |
|
No. of Offered shares |
30 mln |
|
Total No. of Offer Shares to Retail Investors |
6 mln (20% of total shares offered) |
|
IPO Minimum Limit (Retail Investors) |
10 shares |
|
IPO Maximum Limit (Retail Investors) |
250,000 shares |
|
Offering Period |
Nov. 26-27, 2025 |
|
Final Allocation |
Dec. 3, 2025 |
|
Surplus Refund (if any) |
Dec. 4, 2025 |
|
Company Shareholders |
||||
|
Shareholders |
Before IPO |
After IPO |
||
|
Number of Shares (mln) |
Ownership (%) |
Number of Shares (mln) |
Ownership (%) |
|
|
Darat Esmat Bin Abdul-Samad Al Saady Holding Co. |
50.00 |
50% |
35.00 |
35% |
|
GK Grünenfelder International AG |
50.00 |
50% |
35.00 |
35% |
|
Public |
-- |
-- |
30.00 |
30% |
|
Total |
100 |
100% |
100 |
100% |
|
Company Major Shareholders Via Indirect Interest |
||||
|
Shareholders |
Before IPO |
After IPO |
||
|
Number of Shares (mln) |
Ownership (%) |
Number of Shares (mln) |
Ownership (%) |
|
|
Esmat AbdulSamad Naguib Al Saady |
45.00 |
45% |
31.50 |
31.5% |
|
Marcel Albert Grünenfelder |
25.00 |
25% |
17.50 |
17.5% |
|
Albert Peter Grünenfelder |
25.00 |
25% |
17.50 |
17.5% |
|
Buhur Holding Co. |
5.00 |
5% |
3.50 |
3.5% |
|
Additional Information |
|
|
Financial Advisor, Lead Manager & Underwriter |
AlJazira Capital |
|
Bookrunner |
AlJazira Capital, Arqaam Capital |
|
Receiving Agents |
Derayah Financial, AlJazira Capital, BSF Capital, Al Rajhi Capital, SNB Capital, Riyad Capital, Albilad Capital, Alistithmar Capital, Alinma Capital, Yaqeen Capital, Alkhabeer Capital, SAB Invest, Sahm Capital, GIB Capital, Musharaka Capital, EFG Hermes and Awaed Capital |
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