Riyadh – Mubasher: Arabian Mills for Food Products Company completed the institutional book building period for its initial public offering (IPO), setting the final price at SAR 66 per share.
The company set the price range for its IPO between SAR 62 and SAR 66 per share after the Capital Market Authority (CMA)greenlighted the transaction, according to a press release.
The offering implies a market cap of SAR 3.38 billion ($903 million), with the offering proceeds being SAR 1.01 billion ($271 million) for the selling shareholders.
The institutional book-building process, which garnered total orders of SAR 134.10 billion from local and international investors, was approximately 132 times oversubscribed.
Arabian Mills plans to float 15.39 million ordinary shares, equivalent to 30% of its share capital, on the Saudi Exchange (Tadawul).
The selling shareholders are Abdulaziz Al Ajlan Sons for Trading and Real Estate Investment Company (Ajlan & Bros), Sulaiman Abdulaziz Al Rajhi International Company, and National Agricultural Development Company (NADEC).
Rohit Chugh, CEO of Arabian Mills, said: “We are excited to soon welcome new shareholders on board and, together, take Arabian Mills into its next phase of growth and expansion, and unlock greater value for all stakeholders.”
The subscription period for retail investors who qualify as individual investors is set to begin on Wednesday, 18 September, and ends on Thursday, 19 September 2024.
Final allocations will be announced on 26 September 2024, with any refunds of excess subscription monies to be made by 3 October 2024.
Meanwhile, the trading process is expected to commence after meeting all relevant statutory requirements.
