United Carton Industries Company (UCIC) has received approval from the Capital Market Authority (CMA) to register and offer 12 million ordinary shares, representing 30% of its issued share capital, ahead of its planned initial public offering (IPO) on the Saudi Exchange’s Main Market.
The CMA’s approval was granted on December 16, 2024, and the Saudi Exchange provided conditional listing approval on December 8, 2024. The offering comprises a sale of existing shares by the company’s shareholders. UCIC will not receive proceeds from the share sale, which will be distributed among the selling shareholders after expenses.
The book-building period, which determines the final share price, is scheduled to run from April 22 to April 28, 2025. Al Rajhi Capital has been appointed as financial advisor, lead manager, bookrunner, and underwriter.
UCIC, founded in 1988, operates eight manufacturing facilities in Saudi Arabia and the UAE. Through its four subsidiaries, it produces corrugated cartons, folding cartons, recycled containerboard paper, and moulded pulp products. With a 37%-40% market share in Saudi Arabia, it is the largest corrugated carton manufacturer in the region.
In FY 2024, UCIC reported SAR 1,344 million in revenue, a net profit of SAR 125 million, and held a workforce exceeding 1,500 employees.
CEO Mohnish Rikhy stated, “This IPO represents a transformative moment for the Company,” highlighting goals of operational scale, product portfolio expansion, and alignment with Saudi Vision 2030.
He emphasized the company’s strategy focusing on integration, sustainability, and the adoption of advanced technologies to enhance production and maintain regional market leadership.