Poultry producer Entaj Foods’ Tadawul IPO retail offering closed 30.2x oversubscribed, after some 499k investors booked SAR 1.4 bn in orders, it said in a statement (pdf). The firm is taking a 30% stake to market in a SAR 450 mn secondary offering, with the retail tranche accounting for 10% of the total offering.

REFRESHER- Entaj’s institutional offering sold out within hours of opening late last month and was 208.4x oversubscribed, with total orders hitting SAR 93 bn, pushing the firm to price its IPO at SAR 50 apiece — the top of its indicative price range — implying a market cap of SAR 1.5 bn at listing.

Ringing the bell: Once the listing wraps up, the company’s shares will be allowed to fluctuate within a 30% band on the first three days of trading, after which price fluctuations will be capped at 10% as circuit breakers take effect.

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: 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.

THE IPO PIPELINE AHEAD-

Key Tadawul listings to watch out for in 2025:

  • The five-day retail bookbuilding period for Umm Al Qura Development and Construction’s SAR 2 bn Tadawul IPO wraps up on Sunday, 9 March.
  • The PIF’s Saudi Global Ports has tapped banks including Goldman Sachs and HSBC to arrange an upcoming IPO;
  • PIF-backed Tabreed District Cooling has also reportedly hired Citigroup and SNB Capital to manage a potential IPO on Tadawul;
  • Medical procurement firm Nupco — a unit of the PIF — has reportedly tapped Rothschild & Co as financial advisor for its potential Tadawul IPO;
  • Budget airline Flynas is reportedly looking to go public this year;
  • BNPL platform Tabby plans to IPO during the 2025-2026 window;
  • Local tech services firm Ejada Systems has secured approval from the Capital Markets Authority (CMA) last month to take a 45% stake to market.

Zooming out: A total of 38 companies and 22 funds are planning to list across the region this year, signaling continued investor confidence in MENA markets. Saudi Arabia is set to lead the charge with 26 upcoming public offerings, followed by the UAE (3 IPOs), Qatar (1 IPO), Egypt (5 IPOs), and Algeria (2 IPOs).

Tags: