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Saudi Arabia’s Alamar Foods, the master franchise operator of Domino’s Pizza in the region, has set its IPO price between 103 Saudi riyals ($27.46) and 115 riyals ($30.66) per share, implying a potential market capitalization between 2.6 billion riyals and 2.9 billion riyals.
The final price will be set at the end of the book-building process, which began today, the company said in a statement on Monday.
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.
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.
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.
(Writing by Brinda Darasha; editing by Seban Scaria)
