Entaj Sets IPO Price Range Amid Saudi Market Debut

The Arabian Company for Agricultural and Industrial Investment, known as Entaj, has announced the price range for its initial public offering (IPO) in the Kingdom of Saudi Arabia. Entaj is offering 9 million shares, constituting 30% of the company’s issued share capital, with a price range set between SAR 46 and SAR 50 per share. The institutional book-building period for the IPO commences on February 9, 2025, and closes four days later. The Saudi Capital Market Authority (CMA) had previously approved Entaj's application, allowing for the IPO process, with the final pricing to be confirmed after the book-building concludes. Proceeds from the IPO will go to the Arabian Agricultural Services Company (ARASCO), the selling shareholder. Retail and individual investors included in the book-building instructions may participate, and shares are set to be listed on the Saudi Exchange. SNB Capital is the lead manager and underwriter for this IPO. The announcement highlights that the offering has not been registered under the securities laws of jurisdictions outside Saudi Arabia, emphasizing the nature of the offering as primarily localized to the Kingdom.