Tanmiah Food Company has set its initial public offering (IPO) share price at SAR 67 ($17.87) after completing the book building process for institutional subscription.

In a statement, Saudi Fransi Capital, the lead manager to the IPO, said the coverage ratio was 9.534 percent.

It will now roll out the retail tranche, where a maximum of 600,000 ordinary shares, 10 percent of total shares offered for public subscription, will be allocated to individual subscribers.

Saudi Fransi Capital said it has completed all preparations with the receiving bank, Banque Saudi Fransi, to receive individual investors’ subscription requests, which will take place on July 27th only.

Tanmiah announced that it was launching its IPO book building process last month with a share price range of SAR 59-67 per share.

(Writing by Imogen Lillywhite; editing by Brinda Darasha)

Imogen.lillywhite@refinitiv.com

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