Arabian Mills prices IPO at SAR 66/shr

Logo of Arabian Mills for Food Products Co.

Arabian Mills for Food Products Co. announced the successful completion of the book-building process and priced the initial public offering (IPO) at the top of its targeted range at SAR 66 per share.

The final offer price implies a market capitalization at listing of SAR 3.39 billion. The offering proceeds reached nearly SAR 1.02 billion for the selling shareholders, Abdulaziz Al Ajlan Sons for Commercial and Real Estate Investments - Ajlan & Bros, Sulaiman Abdulaziz Al-Rajhi International Company, and the National Agricultural Development Co. (NADEC).

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The institutional offering was nearly 132x oversubscribed, with total orders of SAR 134.1 billion by local and international investors.

The retail offering will run from Sept. 18-19, with the final allocation to be announced on Sept. 26.

Arabian Mills will make debut on the Main Market (TASI) once all legal requirements are fulfilled.

The Capital Market Authority (CMA) approved in June the company’s application to offer 15.39 million shares, representing 30% of its capital, to the public, Argaam earlier reported.

The company will allocate about 1.54 million shares, or 10% of the shares on offer maximum, to retail investors.