Saudi ice cream business Fadeco sets IPO price range as it opens for investors

Arabian Food & Dairy Factories Co., also known as Fadeco, has set its initial public offering price range at SR65-71 ($17-19) per share as it plans to join Saudi Arabia’s stock listing spree this year.

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

Amid plans to list on the parallel Nomu market, the Dammam-based firm will offer 282,000 shares to qualified investors, representing 20 percent of capital.

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