United Carton Industries Company (UCIC), a Saudi cardboard packaging producer, has announced that it will raise 600 million Saudi riyals (approximately $159.98 million) by setting its final initial public offering (IPO) price at SAR 50 per share. This move will position the company with a market capitalization of SAR 2 billion ($533 million) upon its listing.

During the institutional book-building phase, the order book reached nearly SAR 75.8 billion ($20.2 billion), which represents an oversubscription of 126 times. In December 2024, UCIC received approval from the Capital Market Authority to sell 12 million shares, accounting for 30% of its total share capital.

The retail subscription period is set to take place over two days, starting on May 12. The final allocations for the shares are expected to be announced on May 18, with any refunds for excess subscription amounts processed on the same day. Trading on the Main Market (TASI) is anticipated to begin after all necessary regulatory approvals are obtained.

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