Saudi Arabia’s flour milling company Arabian Mills for Food Products Company has debuted its shares on the Main Market of the Saudi Exchange after successfully completing its initial public offering (IPO). The company’s stock is now trading under the ticker symbol 2285.
The IPO included 15.39 million ordinary shares, which account for 30 percent of the company’s total issued share capital. The final offering price was set at SAR66 ($17.6) per share, reaching the upper limit of the company’s price range and resulting in a market capitalization of SAR3.39 billion ($903 million) upon listing. Moreover, of the shares offered, 90 percent were allocated to institutional investors and 10 percent to individual investors. The institutional order book received SAR134.1 billion in orders, reflecting a 132-fold oversubscription, while the retail segment attracted SAR930.6 million, achieving a 9.2-fold oversubscription.
Commitment to improving the nation’s wheat flour sector
Ajlan Abdulaziz Alajlan, chairman of Arabian Mills, emphasized that the accomplishment highlights the company’s dedication to excellence, innovation, and its commitment to improving the nation’s wheat flour sector in line with the kingdom’s Vision 2030.
He further added that with the listing, the company aims to strengthen its contributions to the economy, promote sustainable growth, and create long-term value for shareholders, employees, and communities. Additionally, he expressed enthusiasm about the opportunities the listing offers, including plans to expand production facilities, establish new distribution centers, and continue investing in brands to meet customer needs.
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