Burgerizzr IPO oversubscribed by 500% on day one

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RIYADH: The Burgerizzr burger chain’s initial public offering (IPO) was oversubscribed by 500 percent on the first day, according to the financial advisor in charge of the share sale Emirates NBD Capital KSA.

It added the price range for the offering will be between SAR 150 and SAR 165 per share at the start of the book-building process.

“The final price for the shares will be determined on completion of the book-building process,” the company said in a statement on Tadawul.

Burgerizzr said in its prospectus it plans to sell 725,000 of its shares, representing 29 percent of its capital, in the parallel market Nomu, according to Argaam data.

The IPO for the eligible groups began on Aug.15, 2021, and will end on Aug. 23, 2021, the prospectus said.

Burgerizzr was co-founded in 2009 by Mohammad Al Ruwaigh and has grown from one beef and chicken burger restaurant to 65 outlets throughout Saudi Arabia.

The chain targets 100 restaurants by the end of 2020 and 200 by 2025.

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