Riyadh – Mubasher: Modern Mills Company (MMC) plans to proceed with the initial public offering (IPO) to trade 30% of its shares on the Main Market of the Saudi Exchange (Tadawul).

After obtaining the approval of the Capital Market Authority (CMA) in December 2023, Modern Mills plans to list 24.54 million shares, according to a bourse disclosure.

Meanwhile, the price at which all subscribers in the offering will purchase the shares will be determined after the book-building period.

HSBC Saudi Arabia acts as the sole financial advisor, global coordinator, joint bookrunner, underwriter, as well as lead manager for the offering.

Osama Ashi, CEO of MMC, said: “We have made tremendous progress across all fronts – by the end of 2022, MMC’s flour market share in volume grew to 24% - the highest market share gain in the industry, we recorded c.50% revenue CAGR between 2020G and 2022, and as of the first half of 2023, have achieved 92% capacity utilization.”

“This IPO is an opportunity for us to further grow our shareholder base welcoming investors seeking a meaningful and rewarding investment proposition,” Ashi highlighted.