HSBC Saudi Arabia, in its capacity as the financial advisor, bookrunner, lead manager, and underwriter for IPO to Alamar Foods Company, has set the IPO price and the book-building process for the institutional segment.
In a statement today on Saudi’s stock exchange (Tadawul), HSBC said that the price range for Alamar’s IPO was set between 103 and 115 riyals per share.
The final price will be set at the end of the book-building process, which will be followed by an individual investor’s tranche subscription.
The offering comprises 10.634 million shares, which represents 100 percent of the total offer shares.
The final allocation of the Offer Shares will be made after the end of the subscription period for Individual Investors.
The minimum number of shares that can be subscribed to for the participating parties is 100,000, with a maximum of approximately 1.275 million shares.
The price range for the Offering implies a potential market capitalization at IPO of approximately 2.6 billion riyals to 2.9 billion riyals.
Alamar seeks to raise close to 1.2 billion riyals by offering a portion of its shares for public subscription on Tadawul.
Alamar is one of the operators of fast-food restaurants in the Middle East, North Africa, and Pakistan (MENAP Region). It is the franchise operator of Domino’s Pizza, where Alamar has the exclusive right to develop and operate in 16 Countries across MENAP, and Dunkin’, where Alamar has the exclusive right to develop and operate stores as a franchisee in Egypt and Morocco.
Key offering timeline
- 9 June: IPO announcement.
- 20 June: Book-building period.
- 27 June: End of book-building period.
- 20 July: Subscription period for individual investors.
- 26 July: Announcement of final shares allotment and refund of excess subscription amounts.