Saudi Arabia’s Burgerizzr to begin IPO in August

The company plans to offer 725,000 shares, representing 29% of its $6.66mln capital

  
Image for illustrative purposes. An investor monitors a screen displaying stock information at the Saudi Stock Exchange (Tadawul) in Riyadh, Saudi Arabia January 18, 2016.

Image for illustrative purposes. An investor monitors a screen displaying stock information at the Saudi Stock Exchange (Tadawul) in Riyadh, Saudi Arabia January 18, 2016.

REUTERS/Faisal Al Nasser
 
RIYADH: Saudi burger chain Burgerizzr said it plans as share offering next month with the aim of listing on the Tadawul’s parallel stock market Nomu in September.

Burgerrizr, which was founded in 2009 by Mohammad Al-Ruwaigh, says it is Saudi Arabia’s largest burger chain and has more than 80 outlets across the Kingdom.

The company plans to offer 725,000 shares, representing 29 percent of its SR25 million capital, it said in its prospectus on Thursday.

The subscription period will be from August 15 through August 23, while the final allocation of the offering shares will be announced on September 1, 2021, it said.

The offering process is being led by Emirates NBD Capital Saudi Arabia as financial adviser and lead manager, while AlSaleh and AlSahli Law Firm provides the services of legal adviser for the offering.

The Saudi Capital Market Authority (CMA) announced last June that it had approved the offering of Burgerizzr shares on the Nomu parallel market.

“The offering is a major step toward moving the company to new horizons and markets,” Chairman Mohammed Al-Ruwaigh said, according to the chain’s website.

Copyright: Arab News © 2021 All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

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