Arabian Company for Agricultural and Industrial Investment (Entaj), one of the leading poultry brands in Saudi Arabia, announced today the listing of its shares on the main market of the Saudi Exchange.

 

This follows the successful completion of its initial public offering (IPO). The company is now trading under the ticker symbol: 2287. 

 

The IPO consisted of 9,000,000 ordinary shares, with 90% of the offer shares allocated to institutional investors. The orders recorded during the institutional book-building exceeded SAR93 billion ($25 billion), representing a coverage of 208.4 times. The number of shares that were allocated to the individual investors tranche was 900,000, representing 10% of the total offer shares. The offering saw 499,021 individual investors place orders totaling SAR1.4 billion, reflecting a subscription coverage of 30.2 times for this tranche.

 

The final offer price was set at SAR50 per share, which is at the top end of the previously announced price range for IPO, with the Company successfully raising gross proceeds of SAR450 million with an implied market capitalisation of SAR1.5 billion at listing.

 

Ziyad Al Sheikh, Vice Chairman, commented: "Today marks a historic milestone for Entaj as we officially list on the Saudi Exchange's Main Market, a testament to two decades of growth, innovation, and expansion. The overwhelmingly positive investor reception underscores the strength of Entaj’s investment case and the trust in our vision. As we step into this new chapter, we remain steadfast in our commitment to excellence, transparency, and accelerating strategic growth in the Kingdom’s dynamic poultry sector. Our focus will continue to be on delivering long-term value for our shareholders while advancing the Vision 2030 goals of food security and local production."

 

Raja M Alharbi, CEO, said: “The successful completion of our IPO reinforces Entaj’s position as a leading force in Saudi Arabia’s highly competitive poultry sector. This milestone provides us with enhanced visibility, credibility, and access to resources, positioning us to drive sustainable growth in the years ahead. As a high-growth company, we remain focused on scaling production, expanding our distribution network, and enhancing operational efficiencies to meet the growing demand for fresh, locally produced poultry. We are deeply grateful to our employees, customers, and partners for their unwavering support in making this achievement possible, and we thank our investors for their trust and confidence in our growth story." - TradeArabia News Service