Riyadh: Alamar Foods (“Alamar” or “The Company”), a leading Quick Service Restaurant (QSR) operator in the Middle East, North Africa, and Pakistan region (MENAP Region) of two globally recognized brands: Domino’s, where Alamar has the exclusive right to develop and operate in 16 Countries across MENAP, and Dunkin’, where Alamar has the exclusive right to develop and operate stores as a franchisee in Egypt and Morocco,  today announces the successful completion of its pricing and book building process and the final offer price for its initial public offering (the “IPO” or the “Offering”).

The final offer price (the “Final Offer Price”) for the Offering has been set at SAR 115 per share implying a market capitalization at listing of SAR 2.933 billion (USD 782 million). The IPO order book was 47.5 times oversubscribed.

Filippo Sgattoni, Chief Executive Officer at Alamar Foods, said: “This IPO stands as a testament to the milestones achieved towards becoming a leading QSR player across the MENAP region. Alamar Foods is the trusted developer and operator of two global household brands, Domino’s, where we operate across the MENAP region, and Dunkin’, where we operate in Egypt and Morocco, with best-in-class delivery capabilities inspired by continuous dedication to innovation. Following a highly successful book building process which achieved strong demand from institutional investors, the Final Offer Price is indicative of investor confidence in our long-term strategic prospects.”

The Individual Investor subscription period is scheduled to commence on 20th July 2022 and closes on 21st July 2022.

On 7th June 2022, the Capital Market Authority (“CMA”) approved the Company’s application for an initial public offering of 10,633,392 ordinary shares (“Offer Shares”), representing 41.699% of the Company’s capital of SAR 255 million, by way of a sale of existing shares by the selling shareholders.

Background to the Offering

  • The Final Offer Price for the Offering has been set at SAR 115 per share, implying a market capitalization at listing of SAR 2.933 billion (USD 782 million)
  • Offering and Listing on the Main Market of the Saudi Exchange of Saudi Arabia - the Offering is comprised of 10,633,392 existing shares to be sold by the current shareholder (the “Offer Shares”)
  • Immediately following listing, the Company is expected to have a free float of 41.699% of the shares
  • With respect to the Offering, the Company appointed HSBC Saudi Arabia as a Financial Advisor, Bookrunner, Lead Manager, and Underwriter (the “Bookrunner” or “Financial Advisor”) 
  • AlRajhi Bank, Riyad Bank, and Saudi National Bank (SNB) have been appointed as receiving entities (collectively, the “Receiving Entities”) for the Individual Investors tranche
  • 100% of the Offer Shares have been provisionally allocated to a number of institutions and companies that includes the categories that are entitled to participate in the book building process (“Participating Parties”). This may be reduced to nine million, five hundred and seventy-thousand, and fifty-three (9,570,053) Offer Shares, representing 90% of the total Offer Shares depending on the level of demand by Individual Investors (as defined below). The final number of Offer Shares allocated to the Participating Parties will be adjusted accordingly based on subscription from Individual Investors.
  • Individual Investors will be able to subscribe for shares in the retail offering between Wednesday 20th July 2022 and Thursday 21st July 2022 at the Final Offer Price of SAR 115 per Offer Share through the Receiving Entities.
  • Individual Investors: this tranche comprises Saudi Arabian natural persons, including any Saudi female divorcee or widow with minor children from a marriage to a non-Saudi, who can subscribe under their names for her own benefit, on the condition that she proves that she is a divorcee or widow and the mother of her minor children, in addition to any non-Saudi natural person who is resident in the Kingdom or any GCC natural persons, provided they have a bank account with one of the Receiving Entities and are allowed to open an investment account (collectively, the “Individual Investors” and each an “Individual Investor,” and together with Participating Parties “Subscribers”). Subscription of a person in the name of his divorcee shall be deemed invalid, and if a transaction of this nature is proved to have occurred, the law shall be enforced against such person. If a duplicate subscription is made, the second subscription will be considered void and only the first subscription will be accepted. A maximum of 1,063,339 Offer Shares, representing 10% of the total Offer Shares, will be allocated to Individual Investors, provided that Participating Parties subscribe to all the Offer Shares allocated thereto. In the event that Individual Investors subscribe for all the Offer Shares allocated thereto, the Bookrunner shall have the right to reduce the number of shares allocated to Individual Investors in proportion to the number of Offer Shares subscribed for thereby.
  • The offer of Offer Shares to Individual Subscribers will be made as follows:
    • Individual Subscribers are required to fill and submit a Retail Subscription Form. Individual Subscribers who have participated in recent initial public offerings in the Kingdom can also subscribe through the internet, telephone banking or automated teller machines ("ATMs") of any of the Receiving Agents branches that offer any or all such services to its customers, provided that the following requirements are satisfied: (i) the Retail Investor must have a bank account at a Receiving Agent which offers such services and (ii) there have been no changes in the personal information or data of the Individual Subscriber since such person's subscription in the last initial public offering.

For more information on the prospectus, please visit the Capital Market Authority website www.cma.org.sa, and Alamar Foods’ website on www.alamar.com/ipo/.