BAHRAIN – Leading restaurant industry company, Al Abraaj Restaurants Group has revealed the launch of its initial public offering (IPO), offering 38 million shares, representing 35% of its total issued share capital.
Al Abraaj Restaurant Group has set the offer price for its upcoming IPO at 236 fils per share, which is expected to raise BHD 9 million (approximately US$23.9 million). The offer period will begin on November 24 and run until December 8, 2024.
The IPO allocation is divided as follows: 70% of the shares will be made available to professional investors, defined as those applying for more than 1.5 million shares. In comparison, 30% will be allocated to retail investors applying for fewer shares.
Shares will be listed on the Bahrain Bourse on 19 December, trading under the ticker symbol ABRAAJ. Investors who receive allocations in the IPO can trade their shares by opening an account with a Bahrain Bourse-registered brokerage if they do not already have one.
Those allotted shares will also be eligible for dividends distributed for the fourth quarter, ending 31 December 2024. In addition, SICO has been appointed to provide price stabilization and liquidity services from the start of trading.
SICO serves as the mandated lead manager, underwriter, listing agent, price stabilizer, and liquidity provider for the IPO.
Khaleej Bank is the receiving bank, and all its branches across Bahrain participate. Bahrain Bourse will act as the listing exchange, while Trowers & Hamlins and Hassan Radhi & Associates are the legal advisors. KPMG is handling financial due diligence, and BDO serves as the auditors.
Bahrain Clear is the allotment agent and share registrar for the company.
Starting 24 November, investors can submit applications via SICO’s eIPO portal at www.alabraajipo.com or in person at any Khaleeji Bank branch.
The prospectus is available electronically on the same website, with printed copies and application forms accessible at all Khaleeji Bank branches and the Bahrain Bourse.
Founded in 1987, Al Abraaj Restaurants Group has grown to become a key player in Bahrain’s food and beverage sector.
It operates 16 brands, 37 physical locations in Bahrain, 5 franchised branches in Bahrain and Saudi Arabia, and 22 virtual branches, employing around 1,200 staff.
Sign up HERE to receive our email newsletters with the latest news and insights from Africa and around the world, and follow us on our WhatsApp channel for updates.
