RIYADH: The Tanmiah Food Co. has started the process of building its order book, ahead of a plan to offer 30 percent of shares through an initial public offering (IPO), Saudi Fransi Capital, the financial advisor for the listing, announced on Sunday.
As part of the IPO, 6 million ordinary shares will be offered to institutional investors, representing 30 percent of the share capital of the company, with the price set between SR59 to 67 ($15.73 to $17.87) per share.Â
The institutional subscription period will continue until the end of July 1.
Established in 1976, the Tanmiah Food Co. operates 84 farms, as well as six hatcheries, a feed mill, two slaughterhouses, three food processing plants, and 13 dry and cold storage facilities located in º£½ÇÖ±²¥, Bahrain and the UAE.
With capacity to produce 83.6 million birds, the company’s current market share is 7 percent of the fresh poultry market in the region. According to its website, revenues have grown from SR1.09 billion in 2018 to SR1.21 billion in 2020.
