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Price range for Almunajem IPO is set at SAR 55-60/shr – HSBC Saudi Arabia

Price range for Almunajem IPO is set at SAR 55-60/shr – HSBC Saudi Arabia
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Riyadh – Mubasher: HSBC Saudi Arabia announced a price range of SAR 55 to SAR 60 per share for Almunajem Foods Company’s initial public offering (IPO), according to a disclosure to Tadawul on Monday.

Almunajem is offering 18 million ordinary shares, representing 30% of its issued capital, through a sale by the existing shareholders.

The bidding and book-building period for the participating investors has started today, 15 November, and will end on the 21st of the month. This will be followed by the announcement of the final IPO price and the individual investors subscription process, respectively.

The minimum number of IPO shares is 100,000 and the maximum number of shares is 2.99 million.

HSBC Saudi Arabia is acting as the financial advisor, bookrunner, lead manager, and underwriter for Almunajem’s IPO transaction.