Foods Gate IPO 557% covered, offering price set at SAR 56/share

21/03/2023 Argaam

Foods Gate IPO 556.96% covered, offering price set at SAR 56/share

Logo of Foods Gate Trading Co.

Yaqeen Capital, the financial advisor and lead manager on the initial public offering (IPO) of Foods Gate Trading Co. on Nomu-Parallel Market, announced that the subscription was complete, at an offering price of SAR 56 a share. 

 

The IPO was 556.96% covered, Yaqeen Capital stated in a statement to Tadawul, adding that it will finalize the required procedures with Saudi Tadawul Group Holding Co. (Tadawul Group), and then determine the date for the share listing on Nomu.  

 

Qualified investors started, on March 12, subscription to 420,000 shares, or 20% of Foods Gate's share capital, and the price range was set between SAR 50-56 a share. 

 

The Capital Market Authority (CMA) approved, on Nov. 14, 2022, the application submitted by the company to register and offer 420,000 shares on Nomu. 

 

Foods Gate is mainly specialized in establishing restaurants to sell a range of Japanese-style food and beverages. The company's current capital reaches SAR 21 million, divided into 2.1 million shares. 

 

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