Fourth Milling Company (MC4) closed the retail tranche of its IPO with a 3.9x oversubscription rate, after booking SAR 677 mn in individual orders for 20% of the total shares on offer at SAR 5.3 apiece, according to a filing to Tadawul.

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REFRESHER- The company is taking a 30% stake to Tadawul’s main market in a secondary share sale. The offering’s institutional tranche was 119x oversubscribed. MC4 priced its IPO at the top of its indicative price range, which would give MC4 a market cap of SAR 2.9 bn at listing and should see it raise some SAR 858.6 mn in IPO proceeds.

ADVISORS- Riyad Capital is quarterbacking the transaction as lead manager, financial advisor, book-runner and underwriter, with Baker Mckenzie providing counsel to the issuer. PwC is financial due diligence advisor, Euromonitor International was tapped as market study consultant, and EY is auditor. Riyad Bank and Arab National Bank are receiving agents. Meanwhile, Khoshaim & Associates is counsel to Riyad Capital.

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