Saudi Arabia’s Alamar Foods, the master franchise operator of Domino’s Pizza in the region, has set its IPO final offer price at 115 riyals ($30.66) per share, the top of the price range, implying a market capitalization of 2.93 billion riyals ($782 million).

The IPO order book was 47.5 times oversubscribed, the company said in a statement.

The subscription period for individual investor is between 20 July and 21 July 2022.

The offering comprises 10.6 million shares to be sold by the US-based The Carlyle Group, which owns nearly 42 percent of Alamar. The buyout firm bought the stake from the Al Jammaz Group for an undisclosed amount, according to an earlier statement issued by Carlyle.

The balance is held by Abdulaziz Ibrahim AlJammaz and Brothers, which will be locked up for six months post completion.

The fast-food chain operator’s portfolio includes more than 500 Domino’s restaurants across 11 countries in the Middle East, North Africa and Pakistan (MENAP) region and over 44 Dunkin’ stores in Egypt and Morocco.

Just over 90 percent of last year's revenue was earned by Domino’s outlets and 7 percent from its Dunkin' operations in Egypt and Morocco. Saudi Arabia accounts for two-thirds of revenue, the UAE generates 13 percent and 20 percent comes from elsewhere in the MENAP region, according to data provider Refinitiv’s International Financing Review

Immediately following the listing on Saudi Arabia's Tadawul main market, Alamar is expected to have a free float of 41.699 percent of the entire issued share capital.

HSBC Saudi Arabia is the financial adviser, bookrunner, lead manager and underwriter. Riyad Bank, Saudi National Bank and AlRajhi Bank are receiving entities for the individual investors’ tranche.

(Reporting by Brinda Darasha; editing by Seban Scaria  )