Tanmiah Food’s retail IPO 1,170.5% oversubscribed, receives SAR 470.5 mln orders

Logo of Tanmiah Food Co.

Tanmiah Food Co.’s retail offering was 1,170.48% oversubscribed, according to Saudi Fransi Capital, financial advisor, lead manager, bookrunner and underwriter for the initial public offering (IPO). 

The total number of individual subscribers reached 69,598, injecting SAR 470.53 million to subscribe to 600,000 ordinary shares at SAR 67 per share. 

In accordance with the prospectus, 600,000 ordinary shares have been allocated to individual subscribers, representing 10% of the total shares offered for public subscription, while 5.4 million shares have been allocated to institutional subscribers, representing 90% of the total shares offered for subscription. 

Saudi Fransi Capital noted that the receiving bank will work to complete the procedures for returning surplus subscriptions no later than Aug. 4 and that the listing of the shares on the Saudi Exchange (Tadawul) will take place after completing all relevant requirements and procedures. The listing date will be announced on the Tadawul website.

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