Bahrain-based AlAbraaj Restaurants Group is set for an initial public offering (IPO) of 38 million shares on the Bahrain Bourse stock exchange, representing 35% of its post-IPO issued share capital, Zawya has reported.

The shares are priced at 236 fils each, aiming to raise BD9m ($23.72m). One Bahraini dinar (BD) comprises 1000 fils.

The IPO is strategically structured, with 70% of the shares designated for professional investors and the remaining 30% for retail investors.

The subscription period is scheduled to start on 24 November and conclude on 8 December 2024.

The restaurant chain recently appointed SICO BSC as lead manager for its upcoming IPO.

Investors can apply for the IPO via SICO’s eipo portal or in person at Khaleeji Bank branches.

Post-IPO, the company's shares will trade on the Bahrain Bourse under the ticker ABRAAJ from 19 December 2024, with SICO providing price stabilisation services.

AlAbraaj Restaurants Group chairman Hamad Rashed Isa said: “For almost four decades we have consistently delivered quality, innovation and memorable experiences to our customers. Our growth has been driven by our commitment to excellence and the trust we've built with our loyal patrons and partners.

“We are strategically positioned to seize exciting opportunities in rapidly expanding regional markets. This IPO will enable us to expand our presence further and enhance our offerings.”

Established in 1987, AlAbraaj Restaurants has a workforce of 1,200.

The group operates brands such as Al Abraaj, Bindaira and NuAsia, along with franchises including five restaurants across Saudi Arabian cities.

The group operates 16 brands, 37 physical branches in Bahrain, 5 franchised branches in Bahrain and Saudi Arabia, and 22 virtual branches.

It has a portfolio of diverse dining experiences, bridging local and international cuisines.