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Saudi poultry firm Arabian Company for Agricultural and Industrial Investment (Entaj) will debut on the Main Market (Tadawul) on March 17.
The final offer price was set at 50 Saudi riyals ($13.33) per share, at top of the range, with books covered within hours of opening on 9 February, exceeding SAR 93 billion and representing a coverage of 208.4 times. The market capitalisation implied was SAR 1.5 billion ($400 million) at listing.
Established in 2004 as the brand of Saudi’s Arabian Agricultural Services Company (ARASCO) to invest in agricultural activities in the kingdom, last month, the company announced its intention to float of 9 million shares, representing 30% of the company’s total issued share capital. SNB Capital is the lead manager, financial advisor, bookrunner and underwriter on the IPO.
This will be the fourth listing on the Saudi Main Market this year, following the debut of Al Moosa Health and Nice One in January, followed by digital brokerage platform Derayah Financial earlier this week.
(Writing by Bindu Rai, editing by Daniel Luiz)
