Yaqeen Capital to arrange SLIC’s IPO on TASI

Yaqeen Capital signed today, March 11, an agreement with Saudi Leather Industries Co. (SLIC) to arrange the latter’s planned initial public offering (IPO) on the Main Market.

In a statement to Tadawul, Yaqeen Capital said the process of arranging the share offering and listing takes place through multiple stages, starting from the signing date of the agreement and extending until obtaining approvals from the Capital Market Authority (CMA) and the actual share listing.

This agreement will result in financial revenues, the value of which is determined based on the arranging progress, obtaining the CMA’s approval on the share offering and listing, and the actual market debut, it added.

Yaqeen Capital also indicated that, upon completion of all stages related to SLIC’s offering and listing process, total revenues generated thereupon will exceed 5% of its overall topline, compared with the latest audited annual financial statements for 2024.

According to Argaam’s data, SLIC is a Saudi-based company, with its main productions being work, military and casual footwear. It was established in 1981 as a joint venture with US-based Wolverine Worldwide.

Manufacturing takes place at SLIC’s 15,000-square-meter plant in the Second Industrial City in Eastern Province, Dammam. The company is considered the main supplier of work footwear to many corporates such as Saudi Arabian Oil Co. (Saudi Aramco), Saudi Electricity Co., and Saudi Basic Industries Corp. (SABIC), besides many other businesses and institutions within the Kingdom and abroad.