The Saudi “First Mills” announces its intention to offer 30% of its shares for public subscription

Al-Ahly Capital, in its capacity as the subscription manager, financial advisor, institutional subscription book manager and underwriter, announced in the potential initial public offering of the First Mills Company the company’s intention to offer its shares for an initial public offering and to list its ordinary shares on the main market of the Saudi “Tadawul”, where it is expected to include The offering is the sale of 30% of the company’s shares.

And the company stated in a statement, on the “Tadawul Saudi Arabia” website, today, Wednesday, that it had appointed Al-Ahly Capital Company to act as a financial advisor in relation to the offering, and it also appointed “Al-Ahly Capital” “GBIB Capital” as the underwriters. In addition to designating Al Rajhi Bank and Alinma Bank as receiving entities.

First Mills achieved compound sales growth of 11.5% over 3 years, with sales of 801 million riyals in 2021, while sales amounted to 678 million riyals in the first nine months of 2022.

The company’s sales volume amounted to about 1.28 million tons for the year ending on December 31, 2021.

Last February, the Saudi Capital Market Authority approved the request of the First Mills Company to register its shares and offer 16.5 million shares for public subscription, representing 30% of the company’s total shares.