Saudi Arabia’s Almunajem Foods on Thursday announced its intention to go public followed by a stock market listing.
Riyadh-based Almunajem – which imports, markets distributes and produces frozen, chilled and dry foods – is one of the largest food companies in the kingdom.
Almunajem’s initial public offering will involve a sell-down of 18 million existing shares amounting to a float of 30% of the company, it said in a statement.
Almunajem said 2020 was good for the company, with net profit up 111% to 230 million Saudi riyals ($61.32 million), from the previous year.
The gains were largely attributed to a jump in average retail consumer spending in the wake of the COVID-19 pandemic.
HSBC Saudi Arabia is acting as a financial advisor, bookrunner and underwriter on the deal.
