First Mills to debut on Tadawul on June 22

Logo of First Milling Co.

The Saudi Exchange (Tadawul) announced that First Milling Co. (First Mills) shares will be listed and begin trading as of June 22, with the symbol 2283 and ISIN Code SA15QGU13LH9.

The stock will have daily and static price fluctuation limits of ±30% and ±10%, respectively.

These limits will apply during the first three days of listing. From the fourth trading day, the daily price fluctuation limits will revert to ±10% and the static price fluctuation limits will no longer apply.

In a separate statement, the Securities Depository Center Co. (Edaa) said it deposited today, June 20, the subscribed shares of First Mills into the accounts of eligible shareholders.

On March 29, the Capital Market Authority (CMA) approved the company’s application for offering 30% of its capital, or 16.65 million shares, to the public, Argaam earlier reported.

The retail offering was 997% oversubscribed. Four shares minimum were allocated per individual subscriber. The remaining shares will be allocated pro rata, with an allocation factor of 2.1552%.

The institutional IPO was 68.9X covered.

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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