Saudi ice cream manufacturer Fadeco to start IPO book-building in May

RIYADH: Arabian Food & Dairy Factories Co. will start its initial public offering’s book-building in May, as it plans to join Saudi Arabia’s listing spree this year.

Dammam-based Fadeco, as it’s known, will potentially float 282,000 shares, representing 20 percent of its capital, on the parallel market, Nomu.

The book-building period will run from May 11 until May 15, financial advisor and lead manager, Yaqeen Capital, said in a bourse statement.

Established in 1979, Fadeco is specialized in food manufacturing, and is most known for its wide range of ice cream products.

The company is the latest of many to sell shares to the public in a surge of activity on the Kingdom’s capital markets, which continue to proliferate.