Almunajem Foods, one of the largest food companies in Saudi Arabia, has listed its shares on the Main Market of the Saudi Stock Exchange following the successful completion of its initial public offering. The company is now trading under the ticker symbol: 4162.

 

The shares of Almunajem were priced at SR60 per share ($16), at the top of the company’s initial price range, implying a market capitalisation at listing of SR3.6 billion ($960 million). 

 

The company floated 18,000,000 existing ordinary shares, representing 30% of its issued share capital. Final allocations were 90% to institutional investors entitled to participate in the book-building and 10% to individual investors in Saudi Arabia. 

 

The total offering was approximately oversubscribed 176 times by the institutional investors and 11.9 times by the individual investors, with total funds exceeding SR192 billion. 

 

Eng Thamer Bin Abdulaziz Abanumay, Chief Executive Officer at Almunajem Foods, said: "Today marks the first day of trading for Almunajem Foods and the interest shown in us by the institutional investors and the general public is incredible to see. We look forward to executing on our growth strategy and expansion plans, in our pursuit of providing ever wider variety of high-quality, nutritious food products to millions of kitchens across Saudi Arabia as well as delivering continuous value to our shareholders.”

 

With respect to the offering, the company appointed HSBC Saudi Arabia as Financial Advisor, Bookrunner, Lead Manager and Underwriter.-- TradeArabia News Service