Saudi food giant Almunajem picks HSBC for IPO, plans to list 30%

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Published 11 Nov,2021 via Bloomberg Markets–Almunajem Foods Co., one of the largest Saudi food companies, has appointed HSBC Holdings Plc as adviser to manage its initial public offering.

Riyadh-based Almunajem, which specializes in the import and distribution of food in the kingdom, will list a 30% stake, representing 18 million shares, according to a statement on Thursday. The announcement confirmed a Bloomberg News report this week on the listing plans.

Almunajem supplies foodstuffs to more than 22,000 outlets, including retail, food services, and wholesale channels, according to its website.

Riyadh has been the hottest market for IPOs in the Middle East, though nearby Abu Dhabi and Dubai are catching up. This year, Saudi Arabia saw listings of companies such as ACWA Power International and Saudi Telecom Co.’s internet-services unit.

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