Saudi’s First Milling to offer 16.6 million shares in IPO

Company achieved steady sales growth in 2021 and 2022
First Milling IPO
First Milling Company to launch IPO (Photo from Twitter)

First Milling Company, a Saudi-based milling company, announces its intention to proceed with an initial public offering (IPO) and listing of its ordinary shares on the Main Market of the Saudi Exchange (Tadawul).

The offering is expected to comprise a sale of existing shares and result in a free float of 30 percent, according to a statement.

Tadawul approved the Company’s application for the listing of the ahares on the Main Market on 14 February 2023 and the Capital Market Authority (CMA) also consented to the Company’s application for the IPO of 16,650,000 ordinary shares (representing 30% of the Company’s share capital) on 27 March 2023.

Read more: Saudi considers second Aramco IPO, could raise over $20 bn

The final price at which all subscribers in the offering will purchase shares will be determined at the end of a book-building period.

Commenting on this, Eng. Abdullah Ababtain, Chief Executive Officer of First Milling Company, said:We are confident that our passion for milling and our commitment to sustainability will continue to drive our success as we pursue new opportunities for growth and value creation.”

“We look forward to sharing our vision and future success with retail and institutional investors, as we embark on this exciting new chapter in First Mills’ journey,” he added.

First Milling company achieved steady sales growth, with a compound annual growth rate of 11.5% over three years, reaching a total sales value of 801 million Saudi riyals in 2021. In the first nine months of 2022, the company’s sales reached 687 million riyals.

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