The Saudi Fransi Capital Company, the financial advisor and lead manager, the institutional subscription registry manager, and the underwriter for the public offering of the Food Development Company, together with the receiving party, Banque Saudi Fransi, completed all preparations to receive the individual investors’ subscription requests, which will be for one day only, on the 27th July 2021.
Saudi Fransi Capital had announced the successful completion of the process of building the order book for the segment of institutions subscribing to the company’s shares, and that the coverage ratio amounted to 9534% of the total offered shares at a price of 67 riyals per share.
She added that the participating parties have subscribed to the entire offered shares, as 6 million ordinary shares have been allocated to them, which represents 100% of the total shares offered for subscription as a first stage.
With the successful completion of the order book building process, as a second stage, 600,000 ordinary shares, which represent 10% of the total shares offered for public subscription, will be allocated to individual subscribers as a maximum.
Food Development is offering 6 million shares, representing 30% of the Saudi company’s capital.
It is noteworthy that the Saudi Food Development Company has set the price range for its public offering between 59 and 67 riyals per share, which makes the target value of the offering between 354 million and 402 million riyals.
The company is one of the Al-Dabbagh Holding Group companies, which was established about 60 years ago, and it is one of the largest and oldest food producing companies in the Kingdom, and it seeks to be a regional leader and enter the halal market globally.