Fast food operator Alamar Foods has set the final offer price for its initial public offering (IPO) on Saudi Arabia’s main stock market – at SAR 115 ($30.7) per share.
The Saudi Arabia-based company, which is the master franchise operator of Domino’s Pizza in the region, earlier announced it was selling 10.6 million shares in an IPO, or 41.7 percent of its total share capital of SAR 255 million.
The IPO order book was 47.5 times oversubscribed, the company said in a statement.
“Following a highly successful book building process which achieved strong demand from institutional investors, the Final Offer Price is indicative of investor confidence in our long-term strategic prospects,” Alamar Foods chief executive officer Filippo Sgattoni said.
Individual investor subscription is scheduled to start on July 20. HSBC Saudi Arabia was appointed as the transaction’s financial advisor, bookrunner, lead manager, and underwriter.
Alamar Foods operates over 520 Domino’s stores across 11 countries in the region, and over 50 Dunkin’ Donuts stores in Egypt and Morocco.
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