Logo of Modern Mills Co.
Modern Mills Co. announced its prospectus for offering 24.55 million shares, or a 30% stake, on Tadawul.
The Capital Market Authority (CMA) approved in December the application received from the company to register its shares for direct listing on Tadawul.
The share sale for retail investors will run during the period March 5-6, 2024.
The company’s current activity is the production, packaging and sale of flour products, its derivatives, animal feed and animal bran.
The company’s activities, according to its commercial register, include practicing and implementing the following purposes: Wheat packing and milling, barley packing and milling, concentrated animal feed manufacturing, barley wholesale, bakery products wholesale, barley retail sale, land transport of goods.
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Company Profile |
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Company |
Modern Mills Co. |
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Market |
TASI |
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Core Activities |
Production of flour products, its derivatives and animal feed |
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Capital |
SAR 81.83 mln |
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Number of shares |
81.83 mln shares |
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IPO Summary |
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Issue Percentage |
30% |
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Number of Shares Offered |
24.55 mln shares |
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Qualified Subscribers |
Participating institutions and individuals |
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IPO Minimum Limit for Retail Investors |
10 shares |
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IPO Minimum Limit for Institutional Investors |
50,000 shares |
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IPO Maximum Limit for Retail Investors |
250,000 shares |
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IPO Maximum Limit for Institutional Investors |
4.09 mln shares |
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Institutional Offer Period and Book Building |
From Feb. 15-21, 2024 |
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Retail Offering |
From March 5-6, 2024 |
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Final Allocation |
March 12, 2024 |
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Refund (if any) |
March 18, 2024 |
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Special Information |
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Financial Advisor, Lead Manager, Main Underwriter and Book Runner |
HSBC |
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Bookrunner for Corporates and Underwriter |
Emirates NBD |
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Receiving Banks |
Al Rajhi Bank – Saudi National Bank |
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Major Shareholders |
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Shareholders |
Before IPO |
Post-IPO |
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Number of shares (mln shares) |
Ownership (%) |
Number of shares (mln shares) |
Ownership (%) |
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Mada International Holding Co. |
40.92 |
50.00% |
28.23 |
34.50% |
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Al Ghurair Foods Co. |
36.82 |
45.00% |
25.41 |
31.05% |
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Masafi Co. |
4.09 |
5.00% |
2.82 |
3.45% |
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Treasury shares* |
— |
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0.81 |
1.00% |
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Public |
— |
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24.55 |
30.00% |
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Total |
81.83 |
100% |
81.83 |
100% |
*The company will own 818,320 treasury shares after the offering, through the purchase of 687,390 shares (or 84% of the treasury shares) and a bonus distribution of 130,930 shares (or 16% of the treasury shares) from the selling shareholders, in conjunction with the completion of the IPO process for use within the employee stock option.