Logo of Tanmiah Food Co.
The retail tranche of Tanmiah Food Co.’s initial public offering (IPO) will commence today, July 27, which will comprise 600,000 shares. The retail subscription period will last for one day only.
The offer price was set at SAR 67/share, after completing the book-building process for institutions, as subscription coverage reached 9,534%.
On June 8, the Capital Market Authority (CMA) approved the offering of 30% stake, or six million shares, of the company's 20 million shares.
Tanmiah Food Co.'s IPO is the third on Tadawul in 2021, following the IPOs of Alkhorayef Water & Power Technologies Co. and Theeb Rent a Car Co.
The Saudi market saw three IPOs in 2020, namely Dr. Sulaiman Al-Habib Medical Services Group in February, Amlak International for Real Estate Finance Co. in July, and BinDawood Holding in October.
Company Info:
Tanmiah Food was established as a closed joint stock company in March 2019 in Riyadh. The company's capital currently stands at SAR 200 million.
The company's main activities are represented in the production and sale of fresh poultry, processing and sale of poultry and meat products, production and sale of animal feed, broiler chicks, hatching broiler eggs, animal health products, and other integrated projects to produce poultry, along with other poultry equipment.
The company manages 84 farms, including 83 leased ones, and six places for hatching eggs, as well as a feed plant in Saudi Arabia, two slaughterhouses, three food processing plans, and 13 dry and chilled storage facilities in Saudi Arabia, Bahrain and the UAE.
The group sells its products in seven countries through a network of distributors, wholesale and retail sale traders.
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Details of Affiliates |
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Company |
Country |
Capital (SAR mln) |
Direct Ownership |
Indirect Ownership |
|
Agricultural Development Co. |
Saudi Arabia |
20.00 |
100% |
-- |
|
Desert Hills Veterinary Services Co. Ltd. |
Saudi Arabia |
1.00 |
100% |
-- |
|
Supreme Foods Processing Co. |
Saudi Arabia |
8.63 |
100% |
-- |
|
Perfect Foods Factory |
UAE |
20.76 |
4% |
96% |
|
Tanmiah International |
UAE |
3.11 |
4% |
96% |
|
Supreme Foods Co. Ltd. |
Bahrain |
0.025 |
-- |
100% |
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Company Profile |
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|
Company |
Tanmiah Food Co. |
|
Market |
Saudi Exchange (Tadawul) |
|
Core Activities |
- Production and sale of fresh poultry - Processing of poultry and other meat products - Producing and selling animal feed, broiler chicks, hatching eggs, and animal health products. The company also implements comprehensive poultry and greenhouse projects. |
|
Capital |
SAR 200 mln |
|
IPO Summary |
|
|
Issue Percentage (%) |
30% |
|
Number of Shares Offered for Retail Investors |
600,000 shares, or 10% of total offered shares, amounting to six million shares. |
|
Issue Price |
SAR 67/share |
|
Qualified Subscribers |
Retail investors - The tranche comprises Saudi nationals, including Saudi female divorcees or widows with minor children from a non-Saudi father. It also includes any non-Saudi natural person, who is a resident in the Kingdom and any GCC national, who holds a bank account with one of the receiving entities. |
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IPO Minimum Size for Retail Investors |
10 shares |
|
IPO Maximum Size for Retail Investors |
250,000 shares |
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Retail Offering Period (One Day) |
July 27, 2021 |
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Final Allocation of IPO Shares |
Aug. 2, 2021 |
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Surplus Refund |
Aug. 4, 2021 |
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Additional Information |
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Financial Advisor, Lead Manager, Underwriter and Bookrunner |
Saudi Fransi Capital |
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Receiving Banks |
Banque Saudi Fransi |
Al-Dabbagh Group Holding will be the largest shareholder in the company after the IPO, with 70% stake.
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Company’s Shareholders |
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Shareholders |
Before IPO |
After IPO |
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Number of Shares (mln) |
Ownership |
Number of Shares (mln) |
Ownership |
|
|
Al-Dabbagh Group Holding |
19.20 |
96% |
14.00 |
70% |
|
Tanmiah Commercial Group |
0.80 |
4% |
-- |
-- |
|
Public |
-- |
-- |
6.00 |
30% |
|
Total |
20.00 |
100% |
20.00 |
100% |
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