Al-Ahly Capital, in its capacity as Subscription Manager, Financial Advisor, Institutional Subscription Manager and Underwriter, announced in a potential Initial Public Offering of First Mills Company that the company intends to offer its shares for an Initial Public Offering and list its ordinary shares on the main market of the Saudi Tadawul where she is expected to go. The offer represents the sale of 30% of the company’s shares.
The company said in a statement on Tadawul Saudi Arabia’s website today, Wednesday, that it has appointed Al-Ahly Capital as financial advisor in relation to the offer and has also appointed Al-Ahly Capital “GBIB Capital” as underwriters. In addition to appointing Al Rajhi Bank and Alinma Bank as host organizations.
First Mills achieved a cumulative sales growth of 11.5% in 3 years with sales of 801 million rials in 2021 and sales of 678 million rials in the first nine months of 2022.
The company’s sales volume was approximately 1.28 million tonnes for the year ended December 31, 2021.
Last February, the Saudi Arabian Capital Market Authority approved First Mills’ request to list its shares and place 16.5 million shares in a public offering, representing 30% of the company’s total shares.
