CGS Retail Subscription Starts Today at SAR 10/Share, Key Data & Company Highlights Ready for You
CGS 4147.SA | 7.00 | -0.99% |
Tadawul IPO Index TIPOC.SA | 4044.73 | +0.63% |
Tadawul All Shares Index TASI.SA | 11275.90 | +0.23% |
What is Happening? Starting today, Wednesday, November 26, 2025, the retail subscription period officially opens for Consolidated Grünenfelder Saady Holding Company (CGS).
CGS is a market leader in the Kingdom’s cold chain technology sector, specializing in advanced refrigeration, transport solutions, and the manufacturing of complex mobile units. Following a highly successful institutional book-building process, the company offers individual investors the opportunity to subscribe to shares over the two days.
Key IPO Information
- Retail Subscription Period: November 26 – November 27, 2025
- Final Offer Price: SAR 10 per share
- Implied Market Capitalization: SAR 1,000 million (USD 266 million)
- Institutional Coverage: 61.6 times
Offering Structure
The IPO comprises an offer of 30,000,000 ordinary shares, which represents 30% of the Company’s issued share capital. These shares are being offered through a sale by the Selling Shareholders.
- Individual Investors (Retail): A maximum of 6,000,000 shares (representing 20% of the total Offer Shares) will be allocated to individual subscribers.
- Institutional Investors: To accommodate retail demand, the shares allocated to participating parties may be adjusted to 24,000,000 shares (representing 80% of the total Offer Shares).
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 |
Company Profile & Investment Highlights
Business Overview & Market Position
Established in 1976, CGS has operated for nearly five decades as a specialist in cold chain technology and complex manufacturing. The company focuses on advanced refrigeration, refrigerated transport, and customized mobile units.
- Strategic Partnership: CGS maintains a long-standing partnership with Carrier Transicold, strengthening its position in the refrigerated transport sector.
- Specialized Manufacturing: Beyond standard logistics, CGS is known for custom vehicle conversions. It is notably the only manufacturer in the Kingdom meeting the specific ambulance specifications of the Ministry of Health and the Saudi Red Crescent.
Alignment with Vision 2030
The company’s growth trajectory is closely tied to Saudi Arabia’s broader industrial and economic goals under Vision 2030.
- Sector Demand: Increased investment in food security (cold chain storage), healthcare localization, and defense is driving demand for CGS products.
- Regulatory Tailwinds: New regulations regarding food transportation and local procurement in defense and healthcare support the company's manufacturing mandate.
Technology & Operational Infrastructure
CGS employs specific engineering capabilities designed for the region’s extreme climate conditions.
- Manufacturing Capability: The company utilizes "open pouring methodology" for sandwich panel production—a technique used to ensure uniform density and thermal insulation. CGS states it is the only company in the Middle East currently possessing this capability.
- Digital Integration: The company leverages Industry 4.0 principles, including 3D printing for prototyping, Virtual Reality (VR) for design visualization, and IoT for production monitoring.
- Service Network: To support client assets, CGS operates an after-market network across Saudi Arabia and Bahrain, consisting of stationary workshops and mobile service units to minimize equipment downtime.
Future Growth & Expansion
To meet increasing demand, CGS is implementing an expansion strategy centered on capacity upgrades.
- New Facility: Plans are underway to establish a new main manufacturing facility in Al Kharj Industrial City on a 70,000 m² plot. This facility is intended to house ambulance production and solutions for the defense and oil & gas sectors.
Financial Track Record
The company has reported growth metrics over the 2023–2025 financial period:
- Revenue: Reached SAR 504 million in FY 2025, reflecting a Compound Annual Growth Rate (CAGR) of 40% since 2023.
- Net Profit: Reported at SAR 66 million for FY 2025, with a CAGR of 61.1% over the same period.
- Profitability: The company achieved an average Return on Equity (ROE) of more than 40% during this period.
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
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Further updates regarding this IPO will be provided as more information becomes available.