Arabian Mills for Food Products Company (Arabian Mills) will raise between 954 million and 1.01 billion Saudi riyals ($255-$271 million) from its potential initial public offering (IPO) on the Saudi stock exchange.

The company set the offer price range between SAR 62 and SAR 66 per share, with an estimated market capitalisation between SAR 3.18-SAR3.38 billion.

The institutional book-building period started 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 on September 11.

Arabian Mills announced plans to float 30% of the company’s capital, or 15.39 million shares on the main market in late August.

The company has appointed HSBC Saudi Arabia as financial advisor, global coordinator, bookrunner, underwriter, and lead manager.

Alrajhi Bank, Saudi Awwal Bank and Banque Saudi Fransi have been appointed as receiving agents for retail investors.

(Editing by Seban Scaria seban.scaria@lseg.com)