Arabian Mills for Food Products Company (Arabian Mills) will allocate a minimum of five shares to each individual investor after the retail tranche was oversubscribed 9.2 times.

The number of shares allocated to the individual investor’s tranche was 1,539,450, representing 10% of the total offer shares. The offering saw 264,179 individual investors place orders amounting to SAR 930.6 million ($248 million). 

The remaining shares will be allocated on a pro-rata basis based on demand size with an average allocation factor of 1.7102%

After the book-building process, the final offer price was set at SAR 66 per share, implying a market capitalisation at listing of SAR 3.4 billion ($903 million).

The subscription coverage reached 132 times the total offered shares.

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

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