Riyadh -  Alamar Foods has set the offer price range for its initial public offering (IPO) on the Saudi Exchange (Tadawul) at SAR 103 – 115 per share.

The company has also started the institutional book-building period, which is set to run until 27 June 2022, according to a bourse filing on Monday.

The company seeks to offer 10.63 million ordinary shares, representing 41.69% of Alamar’s issued share capital, by way of a sale of existing shares by some of the existing shareholders.

The number of shares offered to participating parties is 10.63 million shares, equivalent to 100% of the total offer shares, and the bookrunner has the right to cut the number of shares allocated to these parties to a minimum of 9.57 million shares.

HSBC Saudi Arabia is the financial advisor, bookrunner, lead manager, and underwriter on the potential IPO.

It is noteworthy to mention that in early June, the Capital Market Authority (CMA) greenlighted the IPO of Alamar Foods Company.

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