Dubai, UAE — Saudi Arabian firm First Milling Company (First Mills) has set SAR 60 per share as the final price for its initial public offering (IPO), implying a market capitalization of SAR 3.33 billion ($888 million)
The total offering size is SAR 999 million ($266 million). SNB Capital is the lead manager, financial advisor, book-runner and underwriter on the potential offering.
In a Tadawul filing, First Mills said the coverage ratio reached 68.9 times the total offer shares.
A total of 1.67 million shares, representing 10 percent of the total offer shares, will be allocated to retail investors. The retail offering will run from June 6 to June 7.
The final allotment of shares and notification of excess subscription monies (if any) will be announced on 12 June.
Abdullah Ababtain, Chief Executive Officer of First Milling Company, said, “The impressive demand for First Mills’ offer shares is a resounding validation of the company’s investment thesis. They appreciate the company’s long-term value creation potential supported by its market leadership, diverse product portfolio, outstanding financial performance, and effective leadership team.”