Logo ofArabian Co. for Agricultural Industrial Investments (Entaj)
Retail investors began subscribing today, Feb. 26, to 900,000 shares ofArabian Co. for Agricultural Industrial Investments (Entaj) atSAR 50 per share, which was determined through thebook-building process. 
The retail tranche accounts for 10% of the total offering, with the subscription running for two days until Feb. 27.
Last September, the Capital Market Authority (CMA) approved the company’s application to register and float nine million shares, representing 30% of the company’s capital, on the Main Market (TASI).
The institutional subscription ended last week, with the offering 208.4x oversubscribed.
Entaj will be the second on the Main Market in 2025, after Derayah’s IPO on Feb. 20.
Tadawul witnessed 14 IPOs last year,following listings by Middle East Pharmaceutical Industries Co. (Avalon Pharma) on Jan. 30,Modern Mills for Food Products Co.on March 5,MiahonaCo.and Dr. Soliman Abdulkader Fakeeh Hospital Co. (Fakeeh Care) on May 21, Saudi Manpower Solutions Co. (SMASCO) on May 26, Al Taiseer Group Talco Industrial Co. (TALCO) on May 28,Rasan Information Technology Co.on May 29,Almajed for OudCo.on Sept. 15,Arabian Mills Co.on Sept. 18, Fourth Milling Co. (MC4)on Oct. 2,Tamkeen Human Resources Co.on Nov. 5,United International Holding Co.on Nov. 19, Almoosa Health Co.on Dec. 23 and Nice One Co. on Dec. 24.
Company Info:
Entaj’s operations date back to 2004 when the food business unit of the Arabian Agricultural Services Co. (ARASCO) established Entaj brand for the production and marketing of broiler chickens.
The company was officially founded in 2011 as a limited liability company with a capital of SAR 50 million, with ARASCO holding a 99% stake at the time of establishment.
In 2021, ARASCO began transferring its entire poultry business, along with the Entaj brand, to the company. Subsequently, Entaj was converted into a closed joint-stock company in 2024.
The company’s current capital stands at SAR 300 million, divided into 30 million shares, with a nominal value of SAR 10 per share.
Its activities include poultry products, egg trays, red meat products, and cold storage facilities. The following table outlines the company’s products and their revenue share in 2023:
Entaj’s Products, Revenue Share in 2023:
Segment
Revenue Volume (SAR mln)
% of Revenues
Poultry
1,071.9
97.50%
Egg Trays
23.9
2.20%
Red Meat
2.8
0.30%
Cold Storage Facilities (Leasing Excess Cold Storage Capacity)
0.7
0.10%
Total
1,099.35
100%
Saudi Arabia is the company’s primary geographic market and the largest contributor to its revenue, accounting for 99.1% as of the end of 2023. It is followed by Kuwait and Iraq, where the company has only conducted export sales and does not own any assets outside the Kingdom, as shown in the table below:
Revenue by Region in 2023
Country
Revenue Volume (SAR mln)
% of Revenues
Saudi Arabia
1,089.78
99.10%
Iraq
4.12
0.40%
Kuwait
2.47
0.40%
Jordan
2.20
0.20%
UAE
0.74
0.10%
Sierra Leone
0.04
—
Total
1,099.35
100%
Company Sales:
The company recorded total sales of approximately 72,500 tons of fresh poultry meat in 2023, reflecting a growth rate of 8.3% since 2021.
Whole chickens accounted for 82% of total fresh poultry meat sales by volume, followed by chicken cuts at 16.9%, and processed products at 1.2%.
Additionally, the company has entered the frozen poultry meat and table eggs segments, recognizing their growth potential and aiming to capitalize on export opportunities, particularly in the Gulf Cooperation Council (GCC) region.
Geographic Presence:
The company’s headquarters is located in Riyadh. It operates three hatcheries, one slaughterhouse, two dry storage facilities, six cold storage facilities, and 11 farms across Saudi Arabia.
Additionally, the company sells its products in Kuwait and Iraq through a network of distributors, wholesalers, and retailers.
Company Profile
Company
Entaj
Core Activities
Poultry products, egg trays, red meat products,
Capital
SAR 300 mln
Number of Shares
30 mln
Share Par Value
SAR 10
IPO Summary
Issue Percentage
30% of total capital
Offer price
SAR 50 per share
Offered shares to Individuals
900,000 (10% of offered shares)
Qualified subscribers
Retail subscribers
Minimum subscription limit
(retail investors)
10 shares
Maximum subscription limit
(retail investors)
250,000 shares
Offer period
Two days from Feb. 26-27, 2025
Final Allocation
March 4, 2025
Refund (if any)
March 10, 2025
Company Shareholders
Shareholders
Before IPO
After IPO
Number of Shares
(mln shares)
Ownership (%)
Number of Shares
(mln shares)
Ownership (%)
ARASCO
28.53
95.10%
19.53
65.10%
Ocean Line Marine Services Co.*
1.47
4.90%
1.47
4.90%
Public
—
—
9
30%
Total
30.00
100%
30
100%
ARASCO Ownership Structure
Owner
No. of Shares in ARASCO (mln)
Ownership Percentage in ARASCO
Indirect Ownership in Entaj After Offering
Mutlaq Saleh Al Hanaki
23.06
35.47%
24.83%
Abdullah Ibrahim AlKhorayef Sons Co.
12.96
19.93%
13.95%
Mafaz International Development Co.
8.06
12.39%
8.67%
Abdullah Sulaiman Al-Rubaian
5.29
8.13%
5.69%
Al Emar Agricultural Group Co.
4.45
6.84%
4.79%
Sultan Holding Co.
4.20
6.47%
4.53%
Multaqa Holding Co.
3.66
5.64%
3.95%
Abdulrahman Abdulaziz Al-Muhanna
2.19
3.37%
2.36%
Abdulmalik Abdullah Al-Hussaini
0.65
1.00%
0.70%
Sulaiman Mohammed Al-Qahidan
0.20
0.30%
0.21%
ARASCO Capital Share Co.
0.30
0.46%
0.32%
Total
65.00
100%
70.00%
Additional Information
Financial Advisor and Lead Manager
SNB Capital
Receiving Banks
Derayah Financial, Alinma Investment, Al Rajhi Capital, SNB Capital, Riyad Capital, Albilad Capital, ANB Capital, Alistithmar Capital, AlJazira Capital, GIB Capital, Alkhabeer Capital, SAB Invest, Sahm Capital, Saudi Fransi Capital, Yaqeen Capital
Logo ofArabian Co. for Agricultural Industrial Investments (Entaj)
Retail investors began subscribing today, Feb. 26, to 900,000 shares ofArabian Co. for Agricultural Industrial Investments (Entaj) atSAR 50 per share, which was determined through thebook-building process.
The retail tranche accounts for 10% of the total offering, with the subscription running for two days until Feb. 27.
Last September, the Capital Market Authority (CMA) approved the company’s application to register and float nine million shares, representing 30% of the company’s capital, on the Main Market (TASI).
The institutional subscription ended last week, with the offering 208.4x oversubscribed.
Entaj will be the second on the Main Market in 2025, after Derayah’s IPO on Feb. 20.
Tadawul witnessed 14 IPOs last year,following listings by Middle East Pharmaceutical Industries Co. (Avalon Pharma) on Jan. 30,Modern Mills for Food Products Co.on March 5,MiahonaCo.and Dr. Soliman Abdulkader Fakeeh Hospital Co. (Fakeeh Care) on May 21, Saudi Manpower Solutions Co. (SMASCO) on May 26, Al Taiseer Group Talco Industrial Co. (TALCO) on May 28,Rasan Information Technology Co.on May 29,Almajed for OudCo.on Sept. 15,Arabian Mills Co.on Sept. 18, Fourth Milling Co. (MC4)on Oct. 2,Tamkeen Human Resources Co.on Nov. 5,United International Holding Co.on Nov. 19, Almoosa Health Co.on Dec. 23 and Nice One Co. on Dec. 24.
Company Info:
Entaj’s operations date back to 2004 when the food business unit of the Arabian Agricultural Services Co. (ARASCO) established Entaj brand for the production and marketing of broiler chickens.
The company was officially founded in 2011 as a limited liability company with a capital of SAR 50 million, with ARASCO holding a 99% stake at the time of establishment.
In 2021, ARASCO began transferring its entire poultry business, along with the Entaj brand, to the company. Subsequently, Entaj was converted into a closed joint-stock company in 2024.
The company’s current capital stands at SAR 300 million, divided into 30 million shares, with a nominal value of SAR 10 per share.
Its activities include poultry products, egg trays, red meat products, and cold storage facilities. The following table outlines the company’s products and their revenue share in 2023:
Entaj’s Products, Revenue Share in 2023:
Segment
Revenue Volume (SAR mln)
% of Revenues
Poultry
1,071.9
97.50%
Egg Trays
23.9
2.20%
Red Meat
2.8
0.30%
Cold Storage Facilities (Leasing Excess Cold Storage Capacity)
0.7
0.10%
Total
1,099.35
100%
Saudi Arabia is the company’s primary geographic market and the largest contributor to its revenue, accounting for 99.1% as of the end of 2023. It is followed by Kuwait and Iraq, where the company has only conducted export sales and does not own any assets outside the Kingdom, as shown in the table below:
Revenue by Region in 2023
Country
Revenue Volume (SAR mln)
% of Revenues
Saudi Arabia
1,089.78
99.10%
Iraq
4.12
0.40%
Kuwait
2.47
0.40%
Jordan
2.20
0.20%
UAE
0.74
0.10%
Sierra Leone
0.04
—
Total
1,099.35
100%
Company Sales:
The company recorded total sales of approximately 72,500 tons of fresh poultry meat in 2023, reflecting a growth rate of 8.3% since 2021.
Whole chickens accounted for 82% of total fresh poultry meat sales by volume, followed by chicken cuts at 16.9%, and processed products at 1.2%.
Additionally, the company has entered the frozen poultry meat and table eggs segments, recognizing their growth potential and aiming to capitalize on export opportunities, particularly in the Gulf Cooperation Council (GCC) region.
Geographic Presence:
The company’s headquarters is located in Riyadh. It operates three hatcheries, one slaughterhouse, two dry storage facilities, six cold storage facilities, and 11 farms across Saudi Arabia.
Additionally, the company sells its products in Kuwait and Iraq through a network of distributors, wholesalers, and retailers.
Company Profile
Company
Entaj
Core Activities
Poultry products, egg trays, red meat products,
Capital
SAR 300 mln
Number of Shares
30 mln
Share Par Value
SAR 10
IPO Summary
Issue Percentage
30% of total capital
Offer price
SAR 50 per share
Offered shares to Individuals
900,000 (10% of offered shares)
Qualified subscribers
Retail subscribers
Minimum subscription limit
(retail investors)
10 shares
Maximum subscription limit
(retail investors)
250,000 shares
Offer period
Two days from Feb. 26-27, 2025
Final Allocation
March 4, 2025
Refund (if any)
March 10, 2025
Company Shareholders
Shareholders
Before IPO
After IPO
Number of Shares
(mln shares)
Ownership (%)
Number of Shares
(mln shares)
Ownership (%)
ARASCO
28.53
95.10%
19.53
65.10%
Ocean Line Marine Services Co.*
1.47
4.90%
1.47
4.90%
Public
—
—
9
30%
Total
30.00
100%
30
100%
ARASCO Ownership Structure
Owner
No. of Shares in ARASCO (mln)
Ownership Percentage in ARASCO
Indirect Ownership in Entaj After Offering
Mutlaq Saleh Al Hanaki
23.06
35.47%
24.83%
Abdullah Ibrahim AlKhorayef Sons Co.
12.96
19.93%
13.95%
Mafaz International Development Co.
8.06
12.39%
8.67%
Abdullah Sulaiman Al-Rubaian
5.29
8.13%
5.69%
Al Emar Agricultural Group Co.
4.45
6.84%
4.79%
Sultan Holding Co.
4.20
6.47%
4.53%
Multaqa Holding Co.
3.66
5.64%
3.95%
Abdulrahman Abdulaziz Al-Muhanna
2.19
3.37%
2.36%
Abdulmalik Abdullah Al-Hussaini
0.65
1.00%
0.70%
Sulaiman Mohammed Al-Qahidan
0.20
0.30%
0.21%
ARASCO Capital Share Co.
0.30
0.46%
0.32%
Total
65.00
100%
70.00%
Additional Information
Financial Advisor and Lead Manager
SNB Capital
Receiving Banks
Derayah Financial, Alinma Investment, Al Rajhi Capital, SNB Capital, Riyad Capital, Albilad Capital, ANB Capital, Alistithmar Capital, AlJazira Capital, GIB Capital, Alkhabeer Capital, SAB Invest, Sahm Capital, Saudi Fransi Capital, Yaqeen Capital
