Riyadh – Mubasher: Arabian Company for Agricultural and Industrial Investment (Entaj) announced the final price for its initial public offering (IPO) at SAR 50 per share and the successful completion of the book-building process for institutional investors, according to a press release.
This final IPO is at the top end of the previously announced price range, implying a market capitalization of SAR 1.50 billion that is equivalent to approximately $400 million at listing.
The orders recorded during the institutional book-building exceeded SAR 93 billion that is equivalent to over $25 billion, representing a coverage of 208.4 times.
The subscription period for individual investors will commence on 26 February 2025 and ends on the following day, 27 February.
Poultry company Entaj is listing 9 million ordinary shares, representing 30% of the company’s total issued share capital, by way of a sale of existing shares by the selling shareholder.
The company appointed SNB Capital as the lead manager, financial advisor, bookrunner, and underwriter for the IPO on the Saudi Exchange (Tadawul).
In September 2024, the Capital Market Authority (CMA) gave its approval for the IPO and the application for registering the set number of ordinary shares.
