DUBAI: Saudi Arabia's First Milling Company said on Tuesday it aims to raise 999 million riyals ($266.39 million) from its initial public offering, after it set the share price at the top end of a previously announced range.
The company is offering 16.65 million existing shares, or 30% of its share capital, at 60 riyals a share, it said. That would value First Milling Co at 3.33 billion riyals.
"We are honored by this strong vote of confidence from the diverse group of distinguished institutional investors and look forward to welcoming them into our shareholder base," CEO Abdullah Ababtain said in a statement.
The retail portion of the offering will run from June 6-7, with the final share allotment scheduled for June 12 and a listing to be determined at a later date, according to information on the company's website.
The company was the first of several flour milling privatizations in Saudi Arabia, sold to Raha AlSafi consortium for $540 million in 2020.
The consortium was led by Saudi Arabian firm Almutlaq Group and included Al Safi, Abunayyan Holding and United Arab Emirates-based Essa Al Ghurair Investment, with investment bank Canaccord Genuity acting as financial adviser, a person familiar with the matter said at the time.
Companies from the Middle East raised some $21.9 billion through IPOs in 2022, accounting for more than half the total from the wider Europe, Middle East and Africa region, data from Dealogic showed. ($1 = 3.7501 riyals) (Reporting by Yousef Saba; Editing by Susan Fenton)