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Saudi Arabia's Modern Mills for Food Products (MMC) shares jumped 30% in debut trade to 62.40 riyals ($16.60) on the Main Market of the Tadawul stock exchange on Wednesday.
The IPO, in which it sold 30% of its share capital, had final offer price set at top of the price range at SAR 48 per share.
Modern Mills is the second Saudi flour mills company to seek a listing since the government privatised the industry.
Osama Ashi, CEO of MMC, said at the listing: "Future growth is anchored in four strategic pillars: expanding our market share in key product categories, investing in people and technology, diversifying our product portfolio, and sustainably expanding into new markets."
Saudi Arabia's Modern Mills for Food Products (MMC) which debuted on the Main Market of the Tadawul stock exchange on Wednesday, closed 30% higher at 62.40 riyals ($16.60).
(Writing by Brinda Darasha; editing by Seban Scaria)
