Entaj prices IPO at the top of the range: Arabian Company for Agricultural and Industrial Investment (Entaj Foods) set its final IPO price at SAR 50 per share — the top of the indicative SAR 46 to 50 range it was guiding on — according to a disclosure (pdf) to the bourse. Strong demand from institutional investors saw the largest tranche of the offering sell out within hours of opening, closing at 208.4x oversubscription, with total orders hitting SAR 93 bn.

Proceeds + market cap: The offering would see the Riyad-based poultry producer raise some SAR 450 mn in IPO proceeds, giving Entaj a market cap of SAR 1.5 bn at listing.

REMEMBER- This is a secondary offering. Entaj is taking a 30% stake to market, good for 9 mn shares, in a secondary offering whereby the company’s sole owner Arabian Agriculture Services (ARASCO) will rake in all the proceeds.

What’s next? Some 10% of the total shares on offer will be open to retail investors starting Wednesday, 26 February. The two-day retail subscription period will allow retail investors to book between 10 to 250k shares each, with the final allocation scheduled for Tuesday, 4 March. The exact date of the first day of trading was not disclosed.

ADVISORS- SNB Capital is quarterbacking the transaction as lead manager and financial advisor, with STAT Law Firm providing counsel. SNB tapped White & Case to be its counsel. Meanwhile, PwC serves 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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