JEDDAH: The institutional part of the initial public offering in the Almunajem Foods is starting today. HSBC Saudi Arabia, the financial advisor, and book manager in the IPO, said that the price range for the offering was set between SR55 to SR60 per share. HSBC added in a statement on Saudi stock exchange Tadawul that the minimum number of offering shares for institutions is 100,000 shares, while the maximum is 3 million shares. The market value of the company upon listing will range between SR3.3 billion and SR3.6 billion. The company said earlier it plans initially to offer 18 million shares representing 30 percent of its capital fully to institutional investors, and it may reduce that later to 16.2 million shares.