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CGS IPO Book-Building Live: 40% Revenue Growth Leader Priced at SAR 9.50-10.00
Tadawul IPO Index -0.45%
Tadawul All Shares Index +0.35%
Tadawul IPO Index TIPOC.SA | 4323.44 | -0.45% |
Tadawul All Shares Index TASI.SA | 10450.27 | +0.35% |
CGS IPO Overview
Consolidated Grünenfelder Saady Holding Company (CGS), a market leader in cold chain technology and refrigeration solutions in Saudi Arabia, has announced the price range for its upcoming Initial Public Offering (IPO) on the Saudi Stock Exchange's Main Market (Tadawul). The company has set the stage for what will be a significant addition to the Kingdom's public equity market.
Key IPO Details
The offer price range has been established between SAR 9.50 and SAR 10.00 per share. Based on this pricing, CGS is targeting a market capitalization between SAR 950 million (approximately $253.3 million) and SAR 1 billion (approximately $266.7 million) upon listing.
The company received approval from the Capital Market Authority (CMA) in June 2025 to offer 30 million ordinary shares, representing 30% of its total share capital of 100 million shares. These are existing shares being sold by the current shareholders—Darat Esmat Bin Abdul-Samad Al Saady Holding Company and GK Grünenfelder International AG—rather than new shares issued by the company. Following the standard IPO structure, the company itself will not receive proceeds from the offering; instead, all net proceeds will go to the selling shareholders.
Critical Timeline
The institutional book-building period begins today, November 5, 2025, and will run through 3:00 p.m. on November 11, 2025. This is the crucial phase where institutional investors, known as Participating Parties, will submit their orders to help establish the final offer price.
Following the institutional phase, individual retail investors will have their opportunity to subscribe during a two-day window from November 26-27, 2025.
Introducing the new IPO feature on Sahm platform: A step-by-step guide to subscribing to the IPO
IPO Summary
| Category | Details |
|---|---|
| Company Name | Consolidated Grunenfelder Saady Holding Co. (CGS) |
| Market | Main Market (TASI) |
| Core Activities | Managing subsidiaries |
| Capital | SAR 100 Million |
| Total Shares | 100 Million |
| Par Value | SAR 1 per share |
| Issue Percentage | 30% of the Company’s share capital |
| Number of Offered Shares | 30 Million |
| Qualified Subscribers | Participating institutions & Retail investors |
| Total Number of Shares Offered to Retail Investors | 6 Million shares (20% of the offering size) |
| Minimum Number of Offer Shares to be Applied for by Individual Investors | 10 shares |
| Maximum Number of Offer Shares to be Applied for by Individual Investors | 250,000 shares |
| Minimum Number of Offer Shares to be Applied for by Institutional Investors | 100,000 shares |
| Maximum Number of Offer Shares to be Applied for by Institutional Investors | 5 Million shares |
About CGS:
CGS has a long-established presence in Saudi Arabia's refrigeration sector, with operations dating back to 1976 when it was founded as a joint venture manufacturing refrigerated bodies. Two years later, the company became the distributor for Carrier Transicold units in Saudi Arabia, marking the beginning of its growth trajectory in transport refrigeration.
Today, the company operates from its headquarters in Saudi Arabia with manufacturing and after-sales facilities strategically located in Riyadh, Jeddah, Dammam, and the Kingdom of Bahrain. CGS has invested heavily in engineering capabilities, establishing state-of-the-art manufacturing facilities in Riyadh equipped with advanced technology including open-pouring panel technology, robotics, 3D printing, virtual reality, and Industry 4.0 solutions.
CGS currently holds approximately 45% market share in transport refrigeration in the Kingdom, serving critical industries including food and beverage, and pharmaceutical sectors. Beyond its core transport refrigeration business, the company has diversified its product portfolio to include commercial and industrial applications—from cold rooms and process cooling to comprehensive cold chain logistics—utilizing environmentally friendly refrigerants and energy-efficient designs. The company has also expanded into engineered solutions for medical, telecom, oil and gas, and defense sectors.
The company's value proposition centers on combining global best practices with local Saudi scale, delivering solutions across automotive refrigeration, stationary refrigeration, customized solutions, and after-market services. This strategy has driven impressive growth, with CGS achieving a revenue compound annual growth rate (CAGR) of 40% between 2023 and 2025.
Investor Groups
The offering is divided into two distinct tranches:
Tranche A - Participating Parties (Institutional Investors): Initially allocated 30 million shares, representing 100% of the total offer shares. These are investors eligible to participate in the book-building process according to CMA regulations. However, if individual investors fully subscribe to their allocation, the Financial Advisor may reduce institutional allocation to a minimum of 24 million shares (80% of total offer shares).
Tranche B - Individual Investors: Allocated up to 6 million shares, representing a maximum of 20% of the total offer shares. Eligible subscribers include Saudi Arabian nationals, Saudi female divorcees or widows with minor children from non-Saudi marriages (with proper documentation), GCC nationals, and foreign residents or former residents of Saudi Arabia or GCC countries who maintain bank accounts with Receiving Agents and are entitled to open investment accounts. If individual investors do not fully subscribe to their allocation, the Financial Advisor may reduce the shares allocated to this tranche accordingly.
The final allocation between tranches will be determined by the Financial Advisor in consultation with the company based on subscription demand.
Shareholder Structure
Table 1: Direct Substantial Shareholders Pre- and Post-Offering
| Shareholder | Pre-Offering | Post-Offering | ||||
|---|---|---|---|---|---|---|
| No. of Shares | Total Nominal Value (SAR) | Percentage | No. of Shares | Total Nominal Value (SAR) | Percentage | |
| Darat Esmat Bin Abdul-Samad Al Saady Holding Company | 50,000,000 | 50,000,000 | 50% | 35,000,000 | 35,000,000 | 35% |
| GK Grünenfelder International AG | 50,000,000 | 50,000,000 | 50% | 35,000,000 | 35,000,000 | 35% |
| Total | 100,000,000 | 100,000,000 | 100% | 70,000,000 | 70,000,000 | 70% |
Table 2: Indirect Substantial Shareholders
| Shareholder | Pre-Offering | Post-Offering | ||||
|---|---|---|---|---|---|---|
| No. of Shares | Total Nominal Value of Shares (SAR) | Ownership (%) | No. of Shares | Total Nominal Value of Shares (SAR) | Ownership (%) | |
| Esmat Abdul-Samad Naguib Al Saady⁽¹⁾ | 45,000,000 | 45,000,000 | 45.0% | 31,500,000 | 31,500,000 | 31.50% |
| Marcel Albert Grünenfelder⁽²⁾ | 25,000,000 | 25,000,000 | 25.0% | 17,500,000 | 17,500,000 | 17.50% |
| Albert Peter Grünenfelder⁽³⁾ | 25,000,000 | 25,000,000 | 25.0% | 17,500,000 | 17,500,000 | 17.50% |
| Buhur Holding Company⁽⁴⁾⁽⁵⁾ | 5,000,000 | 5,000,000 | 5.0% | 3,500,000 | 3,500,000 | 3.50% |
| Total | 100,000,000 | 100,000,000 | 100% | 70,000,000 | 70,000,000 | 70% |
Notes:
- Esmat Abdul-Samad Al Saady's indirect ownership is through his 90% ownership of Darat Esmat Bin Abdul-Samad Al Saady Holding Company, which directly owns 50% of CGS.
- Marcel Albert Grünenfelder's indirect ownership is through his 100% ownership of Familienholding Marcel Grünenfelder AG, which owns 50% of GK Grünenfelder International AG, which directly owns 50% of CGS.
- Albert Peter Grünenfelder's indirect ownership is through his 100% ownership of Meteira AG, which owns 50% of GK Grünenfelder International AG, which directly owns 50% of CGS.
- Buhur Holding Company's ownership is through its 10% ownership of Darat Esmat Bin Abdul-Samad Al Saady Holding Company, which directly owns 50% of CGS.
- Post-Offering, Buhur Holding Company will no longer be an indirect Substantial Shareholder in the Company.
Expected Offering Timetable
| Event | Date |
|---|---|
| Bidding and Book Building Period for Participating Parties | A period of five (5) days, commencing on Wednesday, 14/05/1447H (corresponding to 05/11/2025G), and ending on Tuesday, 20/05/1447H (corresponding to 11/11/2025G). |
| Subscription Period for Individual Subscribers | A period of two (2) days, commencing on Wednesday, 05/06/1447H (corresponding to 26/11/2025G), and ending on Thursday, 06/06/1447H (corresponding to 27/11/2025G). |
| Deadline for Submission of Applications for Participating Parties Based on the Number of Provisionally Allocated Offer Shares | Tuesday, 04/06/1447H (corresponding to 25/11/2025G). |
| Deadline for Payment of Subscription Monies for Participating Parties Based on the Number of Provisionally Allocated Offer Shares | Tuesday, 04/06/1447H (corresponding to 25/11/2025G). |
| Deadline for Submission of Subscription Applications and Payment of Subscription Monies for Individual Subscribers | Monday, 19/05/1447H (corresponding to 10/11/2025G). |
| Announcement of the Final Allocation of Offer Shares | Wednesday, 12/06/1447H (corresponding to 03/12/2025G). |
| Refund of Excess Subscription Monies (if any) | Thursday, 13/06/1447H (corresponding to 04/12/2025G). |
| Expected Commencement Date of Trading of the Shares on the Exchange | Trading of the Company's shares on the Exchange is expected to commence after all requirements are satisfied and all relevant regulatory procedures are completed. The start of trading of the shares will be announced on Tadawul's website (www.saudiexchange.sa). |
Note: The above timetable and dates therein are indicative. Actual dates will be communicated through announcements
appearing on the websites of the Exchange (www.saudiexchange.sa), the Company (www.cgs.com.sa), and the Financial
Advisor, Aljazira Capital (www.aljaziracapital.com.sa).
Introducing the new IPO feature on Sahm platform: A step-by-step guide to subscribing to the IPO
Click to read the full Prospectus
Further updates regarding this IPO will be provided as more information becomes available.
