First Mills prices IPO at SAR 55-60/shr

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First Milling Co. (First Mills) set the initial public offering (IPO) price range between SAR 55-60 per share, according to SNB Capital, the financial advisor, bookrunner, lead manager and underwriter on the potential offering.

The book-building process, which started today, May 18, will be limited to institutional investors, according to the Capital Market Authority’s (CMA) instructions.

The final offer price will be announced after the completion of the book-building process, which will be followed by the retail offering.

First Mills plans to offer 16.65 million shares, or 30% of its SAR 555 million capital.

The retail offering will run from June 6-7.

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