Tanmiah Food launches IPO book building process, sets price range at SAR 59-67

Logo of Tanmiah Food Co.

Saudi Fransi Capital started the process of building the order book in preparation for offering 30% of the shares of Tanmiah Food Co. through an initial public offering (IPO).

Saudi Fransi Capital, the financial advisor, lead manager, bookrunner, and underwriter for the IPO announced today, June 27, the price range of the offering and the start of the book building process for the institutional tranche. The institutional subscription period will continue until end of July 1.

The share offering will include the institutional tranche, where six million ordinary shares will be offered to institutional investors, representing 30% of the company’s share capital. The price range was set between SAR 59 and SAR 67 per share. The minimum number of shares that can be subscribed to for each category of investors is 100,000 ordinary shares, while the maximum number of shares that can be subscribed to is 999,999 ordinary shares.

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 the retail tranche. A maximum of 10% of the shares offered for public subscription will be to individual subscribers. The subscription process for the retail tranche will last for one day on July 27.

In the event of sufficient demand from individual subscribers, Saudi Fransi Capital as lead manager has the right to reduce the number of offered shares allocated to the institutional tranche to a minimum of 5.4 million shares, representing 90% of the total shares offered.

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