Alamar Foods IPO: Carlyle Seeks $325 Million From Gulf Domino’s Pizza Owner IPO - Bloomberg
Carlyle Group is seeking to raise as much as $325 million by listing shares in the owner of the Middle East Domino’s Pizza franchise on the Saudi stock exchange.
Alamar Foods set price range for its initial public offering at 103 riyals to 115 riyals per share, implying a market value of as much as 2.9 billion riyals ($773 million.) The IPO opens on Monday for institutional investors.
Saudi Arabia’s stock market is one of the most active in the Middle East and since allowing foreigners to directly buy stocks in 2015 has attracted some of the biggest global investors. The Saudi exchange has been working for several years to attract listings from companies in the region as it tries to position itself as the main venue for stock trading in Middle East.
Carlyle is selling a 41.7% stake in Alamar, or 10.6 million shares, to institutional and retail investors. The US buyout firm acquired its stake from Saudi-based firm AlJammaz Group in 2011 for an undisclosed amount.
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