Hatching a plan: How Saudi Arabia’s Tanmiah Food Company went from farm to market

Instinctif Partners for Tanmiah Food Company

Tanmiah achieved Saudi’s most successful IPO of 2021 at the date of listing, with institutional oversubscription of 94 times, through a campaign that effectively identified and highlighted the company’s strengths, to an investor audience that was not previously aware of some of its achievements. Extensive discussion between Instinctif and the company’s executives produced a carefully crafted investor case, focusing on the quality of its produce, its sound financials and its track record of quality, as well as its commitment to sustainability.

An analysis of investor perceptions and research on channels to target investors informed the communications plan to bring Tanmiah from farm to market. Tanmiah’s IPO was a huge success for the region’s capital markets. It showed that a relatively small player, in a defensive sector seen as less exciting than energy or tech, can go public with great fanfare and capture investor interest in a volatile economic environment.