Arabian Company for Agricultural and Industrial Investment (Entaj Foods) is guiding on a price range of SAR 46-50 per share for its Tadawul IPO, it said in a statement (pdf). At the top of the range, the offering would see Entaj raise up to SAR 450 mn in proceeds, valuing the company at SAR 1.5 bn upon listing, according to our math. The Riyadh-based poultry producer is taking a 30% stake to the main market in a secondary offering, with 9 mn shares up for grabs.

The five-day subscription period for institutional investors kicked off yesterday, allowing them up to 1.5 mn shares each, with the minimum limit set at 100k.

What’s next? If retail investors showed sufficient interest, they would be allocated 10% of the offering under a two-day subscription window that would open on Wednesday, 26 February. The final allocation of shares is slated for Tuesday, 4 March.

ADVISORS- SNB Capital is quarterbacking the transaction as a lead manager and financial advisor, with Stat Law Firm providing counsel. Meanwhile, PwC is serving as a financial due diligence advisor, Euromonitor International as a market consultant, and EY as an auditor.

Receiving agents include Derayah Financial, Alinma Investment, Al Rajhi Capital, SNB Capital, Riyad Capital, Albilad Capital, ANB Capital, Alisthimar Capital, AlJazira Capital, GIB Capital, Alkhabeer Capital, SAB Invest, Sahm Capital, Saudi Fransi Capital, and Yaqeen Capital.

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