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Saudi’s Fourth Milling (MC4) opened subscription for its retail portion today, as it plans to list 162 million shares or 30% of the company’s total issued share capital on the kingdom’s main stock exchange.
The retail offering will run for two days, ending on 3 October.
Retail investors have been allocated 20% of the total offered shares in the flour production compay, while institutions have been allotted the remaining 80%.
The offer price for the IPO on the Saudi Exchange (Tadawul) has been set at SAR 5.30 per share.
The final allocation has been set for 6 October, with any surplus refund on 9 October.
Following the transaction, current shareholder Gulf Milling Industrial Company will own 70% of the company’s share capital.
Riyad Capital has been appointed as the financial advisor, lead manager, bookrunner, and underwriter for the IPO. Riyad Bank and Arab National Bank (ANB) have been appointed as receiving agents.
(Writing by Bindu Rai, editing by Seban Scaria)
