First Mills issues IPO prospectus to offer 16.65 mln shares on Tadawul

Logo of First Milling Co. (First Mills)

First Milling Co. (First Mills) issued today, May 18, its prospectus to float 16.65 million shares, or 30% of its SAR 555 million capital, on the Saudi Exchange (Tadawul).

Participating parties entitled to participate in the book-building process will start registration today. The book-building process will run for eight days until May 25.

The Capital Market Authority (CMA) approved on March 29, the application submitted by First Mills to float shares on Tadawul.

Participating parties include those entitled to participate in the book-building process. The number of shares allocated for this category is 16.65 million, or 100% of the total offer shares. In case of a strong turnout from retail investors, the allocation to this category will be decreased to 14.98 million, or 90% of the total shares offered.

Individual investors include Saudi legal persons and non-Saudi legal residents in the Kingdom, as well as GCC nationals who have a banking account with the receiving banks and have the right to open investment account with a financial institution. A maximum of 1.66 million shares, or 10% of the total offer, will be allocated for this category.

Incepted in October 2016, First Mills operates four large-capacity production facilities strategically located across the Kingdom, in Makkah Region (Jeddah Governorate), Al-Qassim Region (Buraidah Governorate), Tabuk Region (Tabuk City), and the Eastern Region (Al-Ahsa Governorate)

It is engaged in the production of high-quality flour products, and wheat byproducts, such as animal feed, bran, and wheat germ.

Launched in February 2022, Aloula premium flour brand has a strong presence in well-known hypermarkets, supermarkets, and grocery stores in the Kingdom and achieved a noticeable market share in the retail flour market, within the supermarket channels.

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