Saudi Arabia IPO: Modern Mills Holders Seeking to Raise $314 Million - Bloomberg
Investors snapped up all of the shares in Saudi Arabia’s Modern Mills for Food Products Co. initial public offering shortly after books opened, showing that demand for regional listings is still strong.
Books were covered throughout the price range of 44 riyals to 48 riyals per share in the IPO that could raise as much as 1.2 billion riyals ($314 million), according to terms of the deal seen by Bloomberg News. At the top end of the range, the firm would be valued at $1 billion, according to a statement on Thursday.
The selling shareholders Mada International Holding Co., Al Ghurair Foods, and Masafi Co. are offering 24.5 million shares in the offering, or a 30% stake in the company.
Bookbuilding for institutional investors will run until Feb. 21, with pricing set for Feb. 27. Retail investors will be able to bid between March 5 and 6.
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