After successfully completing its Initial Public Offering (IPO), First Milling Company (First Mills), one of the prominent milling companies in Saudi Arabia, has listed its shares on the Main Market of the Saudi Exchange (Tadawul). The company is currently trading under the ticker symbol 2283.
First Mills’ shares were priced at 60 Saudi riyals (SAR) per share, which is at the upper end of the company’s price range. This implies a market capitalization of SAR3,330 million ($888 million) at the time of listing.
As part of the IPO, the company offered 16,650,000 shares, which equated to 30 percent of its total issued share capital. The shares were ultimately allocated, with 90 percent going to Participating Parties who had taken part in the book-building process and the remaining 10 percent going to Individual Investors, including Saudi Arabian nationals, foreign residents in Saudi, and GCC nationals.
Commenting on this, the Chief Executive Officer of First Milling Company, Eng. Abdullah Ababtain, stated that the listing of First Mills on the Saudi Exchange reflects the company’s dedication towards promoting food availability and sustainability in Saudi Arabia. He further mentioned that as a renowned market leader, they are proud of their ability to produce top-quality flour products and wheat byproducts.
First Milling Company is offering investors, whether they are institutions or individuals, the chance to contribute to their mission of becoming the preferred partner in the food and feed sectors, catering to various communities and markets in the Kingdom. The company is determined to utilize its clear and focused strategy to increase its scale and capabilities, enhance operational and financial efficiencies, identify new product categories, improve distribution channels, and achieve sustainable revenue and profit growth. By investing in their people, infrastructure, and technology, the company strives to remain flexible, customer-centric, and up-to-date with industry trends. They firmly believe that this strategic approach will enable them to stay true to their vision and maintain the First Mills brand’s reputation for delivering quality products.
For more on First Mills, click here.