First Milling Company, a market-leading milling firm in Saudi Arabia, has listed its shares on the Main Market of the Saudi Exchange following the successful completion of its initial public offering of shares (IPO). The company is now trading under the ticker symbol: 2283.

 

The shares of First Mills were priced at SR60 per share ($16), at the top of the Company’s price range, implying a market capitalisation at listing of SR3,33 billion ($888 million). 

 

The company floated 16,650,000 offer shares, representing 30% of its issued share capital. Final allocations were 90% to participating parties entitled to participate in the book-building process and 10% to individual investors, including Saudi Arabian nationals, foreign residents in Saudi Arabia and GCC nationals. 

 

Food availability

Eng Abdullah Ababtain, Chief Executive Officer of First Milling Company, said: “The listing of First Mills on the Saudi Exchange signifies our commitment to enabling food availability and sustainability in Saudi Arabia. As a trusted market leader, we take pride in our ability to produce high-quality flour products and wheat byproducts.

 

“Investors, whether institutions or individuals, have the opportunity to be part of our mission to be the first partner of choice in the food and feed sectors, serving communities and markets across the kingdom. We look forward to leveraging our clear and focused strategy to build scale and capacities, optimise operational and financial efficiencies, explore new product categories, enhance distribution channels, and drive sustainable growth in revenue and profit. 

 

“With our steadfast investment in our people, infrastructure, and technology we remain agile, customer-centric, and at the forefront of industry trends. We believe that through this strategic approach, we will remain true to our vision and ensure that the First Mills brand remains synonymous with ‘Quality First’.”-- TradeArabia News Service