Saudi Arabia's Modern Mills for Food Products, which plans to sell 30% of its share capital in an IPO, expects to raise up to 1.18 billion riyals ($314 million).

The flour mills company has set the offer price range at between SAR 44 and SAR 48 per share.

The total offering size is expected to be between SAR 1.08 billion and SAR 1.18 billion, implying a market capitalization at listing between SAR 3.6 billion and SAR 3.9 billion.

The final price will be announced on February 27, the company said in a statement on Thursday.

Modern Mills is the second Saudi flour mills company to seek a listing since the government privatised the industry. It was sold  for SAR750 million by the Saudi Grains Organization in 2020 to a consortium that included Mada International Holding Company and the UAE-based Al Ghurair Foods Company.  

Mada International Holding Company holds 50% share, while Al Ghurair Foods Company has 45% and Masafi Company has 5%.

(Writing by Brinda Darasha; editing by Seban Scaria)