Saudi Arabia’s grain milling and food processing firm Fourth Milling Company has hired Riyad Capital to oversee its planned initial public offering (IPO), according to a Bloomberg report on Monday.

The kingdom’s fourth-largest lender will take care of the preparation, coordination and execution of the IPO, the news agency said, quoting unnamed sources.

The share offering is expected to take place in the first half of the year.

Bloomberg had previously reported that the company was working with Himmah Capital to launch an IPO, which could potentially raise more than $200 million.

Established in 2017, the company produces flour, feed, bran and wheat derivatives.

With a daily grinding production capacity of 3,150 tonnes, the company operates branches in Madinah, Dammam and A-Kharj.

(Writing by Cleofe Maceda; editing by Seban Scaria) seban.scaria@lseg.com