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Arabian Mills to raise up to $271m from Saudi listing

By Pramod Kumar
Arabian Mills reported revenues and net profit of SAR862m and SAR200m, respectively, in 2023 Arabian Mills
Arabian Mills reported revenues and net profit of SAR862m and SAR200m, respectively, in 2023

Arabian Mills for Food Products Company (Arabian Mills) has set the price range for its initial public offering (IPO) between SAR62 and SAR66 ($16.52-$17.59) per share, raising between SAR954 million and SAR1.02 billion.

Market capitalisation will range between SAR3.2 billion and SAR3.4 billion on listing.

The institutional book-building period commenced on September 1 and will close on September 5. The final price of the offer shares will be determined at the end of the book-building process.

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Last month, the company announced plans to sell 15.4 million shares, or 30 percent of its share capital, on the Saudi stock exchange.

The sale comprises existing shares by Abdulaziz Al-Ajlan Sons for Trading and Real Estate Investment Company (Ajlan & Bros), Sulaiman Abdulaziz Al-Rajhi International Company, and National Agricultural Development Company (Nadec).

The retail subscription will run from September 18 to 19. The final share allocation date is September 26. The listing will take place on the main market. No date for listing has been set.

Arabian Mills, which was earlier known as Second Milling Company (MC2), was sold for SAR2.1 billion ($568 million) in 2021 by the Saudi Grains Organization as part of the country’s privatisation drive.

The flour producer reported revenues and net profit of SAR862 million and SAR200 million, respectively, in 2023.  

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