Saudi ice cream maker Fadeco share surge 30% on Nomu debut
Saudi ice
cream manufacturer Arabian Food & Dairy Factories Co., known as Fadeco, saw
its shares surge 30 percent on its stock market debut on Sunday.
Its shares
jumped to SR92.3 ($24.6) as of 10:50 a.m. Saudi time to lead the gainers on the
Kingdom’s parallel market Nomu.
The
Dammam-based company’s initial public offering price was set at the top end of
an indicative range of SR71, following strong interest from investors.
It raised
SR20 million from its IPO of 282,000 shares – 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.
Source: Arab News
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