Saudi Fransi Capital said it has started the process of building the order book in preparation for offering 30 percent of the shares of food and agricultural products company Tanmiah Food Co. through an initial public offering (IPO).

The price range for the offering is set at 59-67 riyals per share and institutional subscription period, which began Sunday will end on 1 July 2021, the investment bank said in a statement. Retail subscription period will open on 27 July.

In the institutional tranche, six million ordinary shares are being offered to institutional investors, representing 30 percent of the company’s share capital.

Saudi Fransi Capital will set the price of the offering after the completion of the book building process, which will be followed by the subscription period for retail investors, where 600,000 ordinary shares will be offered to individual members of the public. A maximum of 10 percent of the shares offered for public subscription will be to individual subscribers.

The investment bank is the financial advisor, lead manager, bookrunner, and underwriter for the IPO.

Saudi Arabia, which saw 78 percent of all IPO issunaces in the MENA region in 2020, expects at least 30 issuances this year.

(Writing by Brinda Darasha; editing by Daniel Luiz)

brinda.darasha@refinitiv.com

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