RIYADH: Saudi Ice cream manufacturer Arabian Food & Dairy Factories Co.’s initial public offering has been priced at the top end of an indicative range, following strong interest from investors. The offering price has been set at SR71 ($19) per share, with a coverage rate of 57.7 times the shares offered, financial advisor and lead manager, Yaqeen Capital, said in a bourse filing. Known as Fadeco, the Dammam-based company plans to join the Kingdom’s listing spree this year with a 20 percent stake to be floated on the parallel Nomu market. With a price range of SR65-71, qualified investors were allocated a total of 282,000 shares in the book-building period which started May 11 and ended on May 15. Yaqeen Capital said the final listing date will be announced upon completion of the required procedures with the Saudi Exchange.