Saudi’s public markets are heating up as another IPO bites the dust! KSA-based Almunajem Foods announced yesterday that it’ll be listing a 30% stake on the Tadawul.

The Riyadh-based family-owned food company was originally set up way back in the 1950s, and started as a small ‘mom and pop’ fruit and vegetable business. Since then, the firm’s grown considerably to become the largest food company in Saudi Arabia with a frozen, chilled, and dry foods segment. Recently, the company expanded its meat and poultry factory’s capacity by 60% in Jeddah, and revenue increased by 4.9% last year.

Food security seems to be a growing concern for the Kingdom and a key component of Vision 2030, with Almunajem being a key piece of the strategy. As the government pushes for local food production, the recent increase in capacity primes the company well for a listing debut.