{"id":83895,"date":"2024-02-29T00:00:00","date_gmt":"2024-02-29T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/02\/29\/modern-mills-prices-its-ipo-top-of-the-range\/"},"modified":"2024-02-29T00:00:00","modified_gmt":"2024-02-29T00:00:00","slug":"modern-mills-prices-its-ipo-top-of-the-range","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/02\/29\/modern-mills-prices-its-ipo-top-of-the-range\/","title":{"rendered":"Modern Mills prices its IPO top of the range"},"content":{"rendered":"

Modern Mills has priced its IPO shares at SAR 48, generating an order book of SAR 150 <\/strong>bn from institutional investors and valuing the company at SAR 3.9 bn,<\/strong> it said in a statement (pdf)<\/a>. The milling company is taking 24.5 mn shares to market \u2014 good for a 30% stake \u2014 in a SAR 1.2 bn secondary sale. <\/p>\n

The order book was 127x covered, implying strong investor appetite for the shares of the <\/strong>food manufacturer. <\/strong>Bloomberg reported earlier this month<\/a> that the offering was fully covered only a few hours into the book-building process. The transaction is expected to set selling shareholders back SAR 41 mn in transaction costs.<\/p>\n

What\u2019s next for the transaction: <\/strong>Individual investors will have a two-day window starting on Tuesday, 5 March to place their orders for a maximum of 10% of the offered shares \u2014 2.5 mn shares \u2014 according to the prospectus (pdf)<\/a>. <\/p>\n

What\u2019s next for the company: <\/strong>Modern Mills aims to grow its market share by adding new products to its portfolio, venturing into new product categories, and expanding geographically, said CEO Osama Ashi.<\/p>\n

Lock-up period: <\/strong>The three substantial shareholders will be restricted from making any transactions on their shares for a period of 6 months from the first day of trading on Tadawul\u2019s main market. <\/p>\n

By the numbers: <\/strong>The milling company\u2019s net income dipped 2.9% y-o-y to SAR 105 mn in 6M 2023, while revenues declined 2% y-o-y to SAR 452 mn over the same period. MMC has grown its volume share in the wheat flour category to 24% in 2022, up from 20% in 2021. The company currently operates four mills across the Kingdom with a daily processing capacity of 3.5k tons of wheat and 1.4k of animal feed.<\/p>\n

ADVISORS- HSBC Saudi Arabia<\/strong> is quarterbacking the transaction as financial advisor, joint bookrunner, underwriter and lead manager, while Emirates NBD Capital KSA<\/strong> is joint bookrunner and underwriter. Al Rajhi Bank and SNB<\/strong> are receiving agents. Moelis & Company Saudi <\/strong>are advisors to selling shareholders.<\/p>\n","protected":false},"excerpt":{"rendered":"

The order books was 127x covered by institutional investors<\/p>\n","protected":false},"author":1,"featured_media":83896,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2542],"tags":[10,2637,29,392,965],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-83895","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ipo-watch","tag-enterpriseam-ksa","tag-ipo","tag-ipo-watch","tag-manufacturing","tag-modern-mills","wpautop","entry"],"acf":{"mongo_id":"3b32e4ca-0d4c-45e1-aca2-11988dc2559c","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/2\/2854.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Modern Mills prices its IPO top of the range with the company set to take orders from individual investors next week","related_issue":[83889],"teaser":"The order books was 127x covered by institutional investors","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/2\/.c534d26a-187e-40da-a08a-ad8decf4bc60.mp3"},"yoast_head":"\nModern Mills prices its IPO top of the range - 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