Riyadh – Mubasher: The final price of Almunajem Foods Company’s initial public offering (IPO) has been set at SAR 60 per share, HSBC Saudi Arabia announced on Thursday.

The institutional book-building process has been completed and oversubscribed 176 times.

The total IPO size sands at SAR 1.08 billion ($288 million), comprising 18 million ordinary shares.

In a statement to the Saudi Exchange (Tadawul), CEO of Almunajem, Thamer bin Abdulaziz Abanumay, said: “With the retail subscription period set to commence in early December, we look forward to welcoming a diverse institutional and retail shareholder base that will undoubtedly play a crucial role in our future growth journey and contribute significantly to our rich heritage and history.”

HSBC Saudi Arabia, the IPO’s financial advisors, bookrunner, lead manager, and underwriter, announced earlier this month that the price range was set between SAR 55 and SAR 60 per share.