Saudi Ground Services Company, the groundhandling services unit of Saudia (SV, Jeddah International), could raise up to SAR2.8 billion (USD752 million) in its upcoming IPO after its shares were valued at SAR50 (USD13.3) a piece.

The firm's investors prospectus says it will offer a 30% stake to investors over the period June 3 to 9. Of the stake, 22.56 million shares out of a total 56.4 million are to be allocated to retail investors. Around 90% of shares allocated to institutions will go to investment funds, though according to Reuters, final allocations will only be announced once retail subscriptions are complete.

The move is next stage in the privatization of the Saudi Arabian national carrier which has so far seen Saudi Airlines Catering Co raise USD347million during its IPO in 2012.

Saudia Cargo and MRO division Saudia Aerospace Engineering Industries (SAEI) have also been slated as next in line for partial privatization along with the Prince Sultan Aviation Academy, Saudia Private Aviation (Jeddah International), Medical Services (which includes a 400-bed hospital), and the Saudi Airlines Real Estate Development Company.