PHOTO
An investor walks at the Saudi Stock Exchange (Tadawul) in Riyadh, Saudi Arabia January 18, 2016. Image used for illustrator purpose
Saudi poultry firm Arabian Company for Agricultural and Industrial Investment (Entaj) has set the final offer price of 50 riyals ($13.33) per share for its IPO.
The top of the range price implies a market capitalisation of SAR 1.5 billion at listing.
The final offer price was set following the completion of the book-building process for institutional investors.
The books were covered within hours of opening, exceeding SAR 93 billion and representing a coverage of 208.4 times.
The subscription period for individual investors will commence on Wednesday, 26 February 2025, and ends on Thursday, 27 February 2025.
Established in 2004 as the brand of Saudi’s Arabian Agricultural Services Company (ARASCO) to invest in agricultural activities in the kingdom, the company announced last month, its intention to proceed with an IPO on the Main Market (Tadawul), with a float of 9 million shares, representing 30% of the company’s total issued share capital.
SNB Capital Company has been appointed as lead manager, financial advisor, bookrunner, and underwriter.
(Writing by Bindu Rai, editing by Seban Scaria)
