Riyadh – Mubasher: The final offer price of Tanmiah Food Company’s initial public offering (IPO) has been at SAR 67 per share, with the coverage ratio reaching 9,534%.

Saudi Fransi Capital, the financial advisor, lead manager, bookrunner, and underwriter for the IPO, announced the successful completion of the book building process for the institutional subscription to 6 million ordinary shares, according to a press release on Tuesday.

As for the second stage or the retail tranche, a maximum of 600,000 ordinary shares, representing 10% of the total shares offered for public subscription, will be allocated to individual subscribers.

The individual investors’ subscription requests will be for a one-day period on 27 July 2021.

Last month, the price range of Tanmiah’s IPO was set between SAR 59 and SAR 67 per share.