Arabian Mills for Food Products Company (Arabian Mills) is gearing up to offer 30 percent of its capital, representing 15.39 million shares, to the public through an Initial Public Offering (IPO) on the Saudi Exchange (Tadawul) main market.
This strategic move sees existing shareholders, including Abdulaziz Al-Ajlan Sons for Trading and Real Estate Investment Company – Ajlan & Bros, Sulaiman Abdulaziz Al-Rajhi International Company, and the National Agricultural Development Company (NADEC), divesting a portion of their holdings.
Read more: Saudi’s First Milling to offer 16.6 million shares in IPO
The IPO process will unfold in two phases. Furthermore, the institutional bookbuilding phase, commencing on September 1 and concluding on September 15, will determine the final offering price. This price will be announced on September 11.
Following the institutional phase, retail investors will have the opportunity to participate in the IPO from September 18 to 19.
Additionally, upon completion of the offering, the current shareholders will retain a collective ownership of 70 percent of Arabian Mills’ share capital.
Moreover, HSBC Saudi Arabia has been entrusted with a multifaceted role, acting as the financial advisor, global coordinator, bookrunner, underwriter, and lead manager for the IPO. Alrajhi Bank, Saudi Awwal Bank, and Banque Saudi Fransi will serve as receiving agents for retail investors.
For more news on markets, click here.
