Almunajem Foods announces intention to list on Saudi main market

HSBC Saudi Arabia, in its capacity as the financial advisor, bookrunner, lead manager, and underwriter for the potential initial public offering (IPO) of Almunajem Foods Co., announced the firm’s intention to proceed with the listing of its ordinary shares on the main market.

The offering is expected to comprise a sale of existing shares and result in a free float of 30% of the company’s share capital, according to a bourse filing.

The Saudi Exchange (Tadawul) approved Almunajem’s application for the listing of the shares on the main market on Aug. 17, 2021.

Further, the Capital Market Authority (CMA) approved the company’s application for the IPO of 18 million ordinary shares, representing 30% of the company’s share capital, on Sept. 28, 2021.

The price at which all subscribers in the offering will purchase the shares will be determined after the book-building period.