RIYADH: The Tanmiah Food Co. has started the process of building its order book, ahead of a plan to offer 30 percent of shares through an initial public offering (IPO), Saudi Fransi Capital, the financial advisor for the listing, announced on Sunday.

As part of the IPO, 6 million ordinary shares will be offered to institutional investors, representing 30 percent of the share capital of the company, with the price set between SR59 to 67 ($15.73 to $17.87) per share.

The institutional subscription period will continue until the end of July 1.

Established in 1976, the Tanmiah Food Co. operates 84 farms, as well as six hatcheries, a feed mill, two slaughterhouses, three food processing plants, and 13 dry and cold storage facilities located in Saudi Arabia, Bahrain and the UAE.

With capacity to produce 83.6 million birds, the company’s current market share is 7 percent of the fresh poultry market in the region. According to its website, revenues have grown from SR1.09 billion in 2018 to SR1.21 billion in 2020.

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