{"id":89412,"date":"2024-09-08T00:00:00","date_gmt":"2024-09-08T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/09\/08\/fourth-milling-to-sell-30-stake-in-tadawul-ipo\/"},"modified":"2024-09-08T00:00:00","modified_gmt":"2024-09-08T00:00:00","slug":"fourth-milling-to-sell-30-stake-in-tadawul-ipo","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/09\/08\/fourth-milling-to-sell-30-stake-in-tadawul-ipo\/","title":{"rendered":"Fourth Milling to sell 30% stake in Tadawul IPO"},"content":{"rendered":"

Saudi flour manufacturer Fourth Milling Company (MC4) is taking <\/strong>a 30%<\/a><\/strong><\/a><\/strong>stake<\/a><\/strong> to <\/strong>Tadawul\u2019s<\/strong> main <\/strong>market<\/strong> in a secondary share sale<\/strong>, according to the company\u2019s prospectus (pdf)<\/a>. The state-owned company is putting 162 mn shares up for grabs. <\/p>\n

Subscription limits:<\/strong> Institutional investors will be able to subscribe to 100% of the offering, booking a maximum of around 27 mn shares and a minimum of 300k shares each. Meanwhile, retail investors may receive up to 20% of the shares on offer if there is sufficient demand. Each retail investor would be allowed to subscribe for a maximum of 250k shares, and a minimum of 10 shares.<\/p>\n

Use of proceeds + lockup: <\/strong>Proceeds from the sale will go directly to the selling shareholders, after some SAR 23 mn are used to cover IPO-related expenses, according to the prospectus. They will not be able to sell down their positions for a period of 6 months starting from the first day of trading. <\/p>\n

Post-IPO ownership structure: <\/strong>MC4 is currently 100% owned by Allana International, Abdullah AlOthaim Markets and United Feed Manufacturing, with each holding equal shares. Their post-IPO holding will settle at a combined 70% stake. <\/p>\n

The timeline: <\/strong><\/p>\n