Latest news with #ArabianAgriculturalServicesCompany
Zawya
13-03-2025
- Business
- Zawya
Entaj IPO: Saudi poultry firm to debut on Tadawul on March 17
Saudi poultry firm Arabian Company for Agricultural and Industrial Investment (Entaj) will debut on the Main Market (Tadawul) on March 17. The final offer price was set at 50 Saudi riyals ($13.33) per share, at top of the range, with books covered within hours of opening on 9 February, exceeding SAR 93 billion and representing a coverage of 208.4 times. The market capitalisation implied was SAR 1.5 billion ($400 million) at listing. Established in 2004 as the brand of Saudi's Arabian Agricultural Services Company (ARASCO) to invest in agricultural activities in the kingdom, last month, the company announced its intention to float of 9 million shares, representing 30% of the company's total issued share capital. SNB Capital is the lead manager, financial advisor, bookrunner and underwriter on the IPO. This will be the fourth listing on the Saudi Main Market this year, following the debut of Al Moosa Health and Nice One in January, followed by digital brokerage platform Derayah Financial earlier this week. (Writing by Bindu Rai, editing by Daniel Luiz)
Zawya
05-03-2025
- Business
- Zawya
Entaj IPO: Saudi poultry firm reduces final allotment of shares for retail subscription
Saudi poultry firm Arabian Company for Agricultural and Industrial Investment (Entaj) has reduced the number of shares allocated in the retail subscription for its IPO, which will list on the Main Market (Tadawul). Based on the results, shares allocated to participating parties will be reduced to 8.1 million shares, representing 90% of the total shares. The retail offering saw 499,021 individual investors place orders totalling 1.4 billion Saudi riyals ($373 million), reflecting a subscription coverage of 30.2 times for this tranche. The number of shares allocated in the individual investors' tranche were 900,000 offer shares, representing 10% of the total offering. Entaj allocated a minimum of one share to each individual investor, with the remaining shares allocated on a pro-rata basis, based on the size of demand, with an average allocation factor of 1.5%. The final offer price was set at SAR 50 per share, at top of the range, with books covered within hours of opening on 9 February, exceeding SAR 93 billion and representing a coverage of 208.4 times. The market capitalisation implied is SAR 1.5 billion at listing. Established in 2004 as the brand of Saudi's Arabian Agricultural Services Company (ARASCO) to invest in agricultural activities in the kingdom, the company announced last month, its intention to proceed with an IPO on the Main Market (Tadawul), with a float of 9 million shares, representing 30% of the company's total issued share capital. SNB Capital Company has been appointed as lead manager, financial advisor, bookrunner, and underwriter. A trading date is yet to be announced. (Writing by Bindu Rai, editing by Seban Scaria)
Zawya
19-02-2025
- Business
- Zawya
Saudi poultry firm Entaj sets final price ahead of IPO
Saudi poultry firm Arabian Company for Agricultural and Industrial Investment (Entaj) has set the final offer price of 50 riyals ($13.33) per share for its IPO. The top of the range price implies a market capitalisation of SAR 1.5 billion at listing. The final offer price was set following the completion of the book-building process for institutional investors. The books were covered within hours of opening, exceeding SAR 93 billion and representing a coverage of 208.4 times. The subscription period for individual investors will commence on Wednesday, 26 February 2025, and ends on Thursday, 27 February 2025. Established in 2004 as the brand of Saudi's Arabian Agricultural Services Company (ARASCO) to invest in agricultural activities in the kingdom, the company announced last month, its intention to proceed with an IPO on the Main Market (Tadawul), with a float of 9 million shares, representing 30% of the company's total issued share capital. SNB Capital Company has been appointed as lead manager, financial advisor, bookrunner, and underwriter. (Writing by Bindu Rai, editing by Seban Scaria)
