Riyadh – Mubasher: Modern Mills Company (MMC) has unveiled that the price range for its initial public offering (IPO) on the Saudi Exchange (Tadawul) is set between SAR 44 and SAR 48 per share.
The Saudi-based milling and nutrition company also announced the commencement of the institutional bidding and book-building period for the participating parties to be between 14 to 21 February, according to a press release.
MMC is floating 30% of its share capital, equivalent to 24.54 million shares, to be listed on Tadawul’s Main Market.
The total offering size is expected to be between SAR 1.08 billion ($288 million) and SAR 1.17 billion ($314 million), implying a market capitalization at listing between SAR 3.60 billion ($960 million) and SAR 3.92 billion ($1.04 billion).
HSBC Saudi Arabia acts as the sole financial advisor, global coordinator, joint bookrunner, underwriter, and lead manager for the offering.
Meanwhile, Emirates NBD Capital KSA, the investment banking arm of Emirates NBD, has been appointed as the joint bookrunner and underwriter, while Moelis & Company Saudi Limited is the advisor to the selling shareholders.
Al Rajhi Bank and the Saudi National Bank (SNB) act as receiving agents for the Individual Investors tranche.
Earlier in February, MMC announced the details of its IPO plan after receiving approval from the Capital Market Authority (CMA) in December 2023.
