RIYADH: The initial public offering of SAL Saudi Logistics Services Co. was fully subscribed on the first day of the book-building process amid strong demand from investors. The company set the IPO price range between SR98 ($26.13) to SR106 per share, according to HSBC Saudi Arabia, acting as the financial adviser, bookrunner, global coordinator, lead manager and underwriter of the potential offering. The book-building process began on Monday and will continue until 2 p.m. on Oct. 1. The logistics company is offering 24 million ordinary shares, or 30 percent of its share capital, on the Saudi Stock Exchange, known as Tadawul. SAL’s capital stands at SR800 million divided into 80 million shares. The cargo business could raise as much as SR2.54 billion from the listing. SAL Saudi Logistics is 70 percent owned by Saudi Arabian Airlines Corp. and 30 percent by Tarabot Air Cargo Services. Saudia and Tarabot are jointly offering a 30 percent stake in SAL Logistics, comprising 24 million ordinary shares. Aviation is part of a government"s strategy to become a global transportation and logistics hub by 2030, with Riyadh airport as base for a new airline. SAL is the leading market player in the kingdom, holding a market share of about 95 percent and providing services to 18 domestic airports. The company also handles transit and export shipments. SAL recorded revenue of SR1.22 billion for 2022, with net income of SR362 million.