Arabian Mills set final IPO price at $17.59 per share as CEO details growth vision

The offering comprises 15,394,502 offer shares

12/09/2024 15:24 AST

Saudi wheat flour producer Arabian Mills for Food Products Co. has set its final initial public offering price at SR66 ($17.59) per share on the Tadawul main market. During the book-building process, the company received orders worth SR134.1 billion from local and international investment institutions for its IPO of approximately 30 percent of its shares on the Saudi Stock Exchange. The offering comprises 15,394,502 offer shares. The firm announced that the institutional offering was oversubscribed by about 132 times, leading to the offer price being set at the maximum of the range. This indicates the company's market capitalization upon listing would be SR3.387 billion. As a result, the current stockholders will receive the net proceeds of the amount raised through the IPO, which is SR1.02 billion. From this public offering, the shareholders selling their shares, including Abdulaziz Alajlan Sons for Commercial and Real Estate Investments, Sulaiman Abdulaziz Al-Rajhi International Co., and the National Agricultural Development Co., will collectively receive SR1.02 million.


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