Al-Nefaie Investment Group has signed a management agreement for Munch Holding International’s initial public offering (IPO) on the Nomu parallel market, Al-Nefaie said in a statement. Munch, which operates bakeries and patisseries, has several branches across the kingdom, and plans to open 24 branches in the next five years. The firm was established in 2008 and transformed into a holding company in 2014.