Saudi Arabian Modern Mills To Offer 30% Stake in Riyadh IPO
The move is in line with the kingdom's privatization drive within the flour milling sector.
Saudi Arabia's Modern Mills for Food Products Co. is gearing up to offer a 30% stake in an initial public offering (IPO) in Riyadh, a move that is in line with the kingdom's privatization drive within the flour milling sector.[1]
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The company intends to sell 24.5 million shares. HSBC Holdings Plc will be the sole financial adviser, global coordinator, and lead manager, while Emirates NBD Capital will serve as a joint bookrunner and underwriter for the transaction.
Formerly known as Milling Company 3 and under the ownership of the kingdom’s sovereign wealth fund, Modern Mills was acquired in 2021 by a consortium led by MADA Holding and Al Ghurair Foods, based in the United Arab Emirates.
The recent IPO of First Milling Co. in May, valued at $266 million, signaled the beginning of this trend.
Modern Mills joins Avalon Pharma as the second Saudi company to debut on the IPO stage this year.