FARM Superstores IPO opens new opportunities

FARM Superstores started a seven-day initial public offering (IPO) that will end on Tuesday (Jan. 28, 2014), according to FALCOM Financial Services, financial services adviser and lead manager of FARM Superstores' IPO.
“During the seven-day retail subscription period, individuals can apply for shares in the company through any of the receiving banks,” Adeeb Abdulrahman Al- Sowailim, FALCOM Financial Services CEO, said in a statement.
He said 3,750,000 shares of the company are being offered to individual investors at SR36 per share. The company is offering a total of 7,500,000 shares to both institutional and retail investors, representing 30 percent of the outstanding shares of the company.
Al-Sowailim also said that FALCOM has completed all preparations with receiving banks and has taken all steps to make it easy for retail subscribers to apply to FARM Superstores' IPO.
He said various branches of receiving banks were now ready to receive IPO applications from across the Kingdom.
Individual subscribers could also apply to FARM Superstores' IPO either through ATMs of Saudi banks, the Internet or telephone banking depending on their convenience, he added.
“FALCOM will coordinate with receiving banks that include the National Commercial Bank, Riyad Bank, Banque Saudi Fransi, Arab National Bank, Al-Rajhi Bank and Samba Financial Group,” he said.
Maher Al-Aswad, FARM Superstores' CEO, said the company had 45 supermarkets, 20 mini markets, 3 wholesale outlets and 7 adventure world entertainment centers in the Kingdom as of the end of 2013.
The company is seeking growth opportunities in the Kingdom and is planning to open 8 more supermarkets (including two in Riyadh), 2 mini markets and 1 adventure world outlet in 2014 in various cities in the Kingdom.