Tanmiah lists on Saudi Exchange after heavily oversubscribed IPO; Investors show high level of confidence in leading Saudi food producer
- Date: 08-Aug-2021
- Source: Eye of Riyadh
- Sector:Financial Markets
- Country:Saudi Arabia
Tanmiah lists on Saudi Exchange after heavily oversubscribed IPO; Investors show high level of confidence in leading Saudi food producer
Tanmiah Food Company (“Tanmiah”) has listed on the Saudi Exchange following a successful IPO in which its shares achieved an institutional coverage ratio of 9,534% and a retail coverage ratio of 1,170%. The shares were offered to institutions and individuals at SAR 67, at the top of the range previously set at SAR 59-67.
The sale of 30% of the share capital of Tanmiah, one of the leading food production companies in Saudi Arabia and the Middle East, raised a total of SAR 402 million (USD 107.2m) and the transition to a listed company will support the next phase of the Company’s growth ambitions.