Riyadh – Mubasher: Fourth Milling Company has completed the institutional bookbuilding process, setting the final offer price for its initial public offering (IPO) on the Saudi Exchange (Tadawul) at SAR 5.30 per share.

The IPO implied a market cap of SAR 2.86 billion ($763.20 million) at listing after the price range was set between SAR 5 and SAR 5.30.

The institutional bookbuilding process generated an order book of around SAR 102.20 billion ($27.26 billion) and was 119 oversubscribed. Meanwhile, the total offering size hit SAR 858.6 million ($228.96 million)

Fourth Milling plans to list 162 million offer shares, representing 30% of the company’s total issued share capital.  

Following the transaction, the current shareholder, Gulf Milling Industrial Company will own 70% of the Company’s share capital.

Khalid Al Maktary, CEO of Fourth Milling, said: “This exceptional demand, will pave the way for a successful IPO and deliver another step on MC4’s growth journey. Our commitment to quality, innovation and sustainable growth positions us for continued success.”

Riyad Capital has been appointed as the financial advisor, lead manager, bookrunner, and underwriter for the IPO. Riyad Bank and Arab National Bank (ANB) have been appointed as receiving agents.