Arabian Mills for Food Products Company, a market-leading flour milling company in Saudi Arabia, has listed its shares on the Main Market of the Saudi Exchange following the successful completion of its initial public offering (IPO). The company is now trading under the ticker symbol: 2285.

 

The offering comprised 15.39 million ordinary shares, representing 30% of the company’s issued share capital. The final offer price for the offering was set at SR66 ($17.6) per share, at the top end of the company’s price range, implying a market capitalisation of SR3.39 billion ($903 million) at listing. 90% of the offer shares were allotted to institutional investors and 10% to individual investors. The institutional order book took in SR134.1 billion (132x oversubscribed) and retail book garnered SR930.6 million (9.2x oversubscribed) in orders. 

 

Key milestone

Ajlan Abdulaziz Alajlan, Chairman of Arabian Mills, said: "Today marks a historic milestone for Arabian Mills as we begin our journey as a publicly traded company on the Saudi Exchange. This achievement reflects our commitment to excellence, innovation and our role in advancing the country’s wheat flour industry in-line with the kingdom's Vision 2030. 

 

“With this listing, we are positioned to further strengthen our contributions to the economy, drive sustainable growth, and create long-term value for our shareholders, employees, and communities. We are excited about the opportunities this listing brings as we look expand our production sites, open new distribution centres and continue to invest in our brands to meet the needs of our customers."--TradeArabia News Service