Al Othaim estimates profit from MC4 IPO at SAR 160M

A branch for Al Othaim

Abdullah Al Othaim Markets Co. estimated profits from the initial public offering (IPO) of Fourth Milling Co. (MC4) at SAR 160 million after Zakat and tax, according to a statement to Tadawul.

The IPO net proceeds, excluding offering expenses, are expected at SAR 833 million for the selling shareholder, Gulf Flour Milling Industrial Co., which is 33.3% owned by Al Othaim.

For More IPOs

The relevant financial impact will appear in Q4 2024, with the IPO and share listing expected to be completed in October 2024.

The Capital Market Authority (CMA) approved in June the application by MC4 to float 162 million shares in an IPO, Argaam earlier reported.

Al Othaim indirectly holds a 33.33% stake in MC4.

The final offering price was set at SAR 5.30 per share, with the individual subscription period running for two days, Oct. 2-3.