HSBC Chosen to Advise on #Saudi Food Giant’s IPO as Boom Rolls On - Bloomberg

HSBC Chosen to Advise on Saudi Food Giant’s IPO as Boom Rolls On - Bloomberg

Almunajem Foods Co., one of the largest Saudi food companies, has appointed HSBC Holdings Plc as adviser to manage its initial public offering, according to people familiar with the matter.

Riyadh-based Almunajem, which specializes in the import and distribution of food in the kingdom, could announce the deal as soon as in the next few weeks, the people said, asking not to be identified because the information is private.

Almunajem and HSBC didn’t immediately respond to requests for comments.

The planned listing adds to a busy year for share sales in Saudi Arabia.

The listings coming to Riyadh’s bourse soon will include the stock exchange itself, in a deal that could value it at between $3 billion and $4 billion, people familiar with the matter said last month. The specialty chemicals business of Saudi Basic Industries Corp. is also expected to go public in the next 12 months.

In September, Almunajem received the market’s regulator nod to float a 30% stake, representing 18 million shares. Almunajem supplies foodstuffs to more than 22,000 outlets, including retail, food services, and wholesale channels, according to its website.