Saudi-based paperboard packaging producer United Carton Industries raises US$159.98M from IPO

May 6, 2025 (Zawya) –

United Carton Industries Company (UCIC), a Saudi-based cardboard ;packaging producer, has ;set the final IPO price at SAR 50 per share, raising 600 million Saudi riyals ( $159.98 million ).

The company will have a market capitalisation of SAR 2 billion ( $533 million ) at listing.

The order book during the institutional book-building reached nearly SAR 75.8 billion ( $20.2 billion ), oversubscribed 126 times.

The company received the Capital Market Authority's approval to sell 12 million shares, representing 30% of its share capital, in December 2024 .

The retail subscription period will last for two days, starting May 12 . The final allocations are expected to be announced on May 18 , with any refunds of excess subscription monies to be made on the same day. ;

Trading on the Main Market (TASI) is expected to commence after regulatory approvals.

Established in 1988, ;UCIC has four owned subsidiaries and operates eight manufacturing plants across Saudi Arabia and the UAE . The company generated SAR 1.34 billion in revenues in 2024 and a net profit of SAR 125 million .

(Editing by Seban Scaria ;seban.scaria@lseg.com ;)