A 10-day subscription will open on 4 July for the initial public offering (IPO) in shares of local dairy firm Almarai Company, following approval from the Capital Market Authority for the offering. Up for sale will be 3.5 million shares priced at SR 512 ($136.5) each - 30 per cent of the firm's capital. Almarai is the first company in the kingdom to stage a public share offering simultaneous with its conversion to a joint stock from a limited liability company. HSBCis acting as financial adviser and local affiliate Saudi British Bankis lead manager (MEED 17:6:05).