Mubasher TV
Contact Us Advertising   العربية

Tanmiah Food sets IPO price range at SAR 59-67/shr

Tanmiah Food sets IPO price range at SAR 59-67/shr
The institutional subscription period will continue until 1 July 2021

Riyadh – Mubasher: The price range of Tanmiah Food Company’s initial public offering (IPO) has been set between SAR 59 and SAR 67 per share, according to a press release on Sunday.

Saudi Fransi Capital said the process of building the order book has started on 27 June in preparation for offering 30% of Tanmiah’s shares for public subscription through the IPO.

The institutional subscription period will continue until 1 July 2021, while the retail subscription period will take place on 27 July.

Each category of investors can subscribe to a minimum number of 100,000 ordinary shares and a maximum number of 999,999 shares under the institutional subscription.

The retail tranche meanwhile will include 600,000 ordinary shares, with a maximum of 10% of the shares offered for public subscription to be to individual subscribers.

Saudi Fransi Capital is acting as the financial advisor, lead manager, bookrunner, and underwriter for Tanmiah’s IPO.

The lead manager has the right to reduce the number of offered shares allocated to the institutional tranche to a minimum of 5.4 million shares, representing 90% of the total offered shares.

Earlier this month, the Saudi Capital Market Authority (CMA) approved the IPO of Tanmiah's shares on the Saudi Exchange (Tadawul).