Arabian Mills for Food Products’ shares dipped 0.3% on their first day of trading on Tadawul’s main market yesterday, closing at SAR 65.8 apiece, down from their debut price of SAR 66. The share price is allowed to trade within a ±30% band on the first three days during intraday trading. Starting from the fourth day of trading on the Tadawul, the band will be capped at no more than 10% up or down before circuit breakers kick in.

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BACKGROUND- The company is offering a 30% stake on Tadawul’s main market in a secondary share sale. The institutional offering of Arabian Mills’ IPO sold out within hours of opening and was 132x oversubscribed, while the retail component was 9.2x oversubscribed.

ADVISORS- Our friends at HSBC Saudi Arabia were the sole financial advisor, global coordinator, bookrunner, underwriter, and lead manager on the transaction. Baker McKenzie provided counsel, PwC acted as financial due diligence advisor, EY was auditor, and Euromonitor International was market consultant. Meanwhile, Alrajhi Bank, Saudi Awwal Bank, and Banque Saudi Fransi acted as the receiving agents.

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