https://arab.news/vfccd
- Company to begin share offering on August 15
- Burgerizzr made a $5.2 million profit in 2020
RIYADH: Saudi burger chain Burgerizzr said it plans as share offering next month with the aim of listing on the Tadawul’s parallel stock market Nomu in September.
Burgerrizr, which was founded in 2009 by Mohammad Al-Ruwaigh, says it is Saudi Arabia’s largest burger chain and has more than 80 outlets across the Kingdom.
The company plans to offer 725,000 shares, representing 29 percent of its SR25 million capital, it said in its prospectus on Thursday.
The subscription period will be from August 15 through August 23, while the final allocation of the offering shares will be announced on September 1, 2021, it said.
The offering process is being led by Emirates NBD Capital Saudi Arabia as financial adviser and lead manager, while AlSaleh and AlSahli Law Firm provides the services of legal adviser for the offering.
Burgerizzr made a net profit before Zakat of SR19.6 million ($5.2 million) in 2020, on sales of SR195.8 million, up from profit of SR16.6 million and sales of SR164.5 million in 20198, it said in the prospectus.
The Saudi Capital Market Authority (CMA) announced last June that it had approved the offering of Burgerizzr shares on the Nomu parallel market.
“The offering is a major step toward moving the company to new horizons and markets,” Chairman Mohammed Al-Ruwaigh said, according to the chain’s website.