DUBAI – Saudi Arabia’s Milling Company 3 (MC3) has hired HSBC to lead its planned initial public offering (IPO) next year, two sources familiar with the matter said.
MC3, which operates flour mills in the Khamis Mushait, Aljouf and Aljamoom regions, was one of several privatizations of this type in Saudi Arabia.
It was sold in 2020 by the Saudi Grains Organization to a consortium of Al Ghurair Investment, Al Rajhi Holding Group and Masafi for 750 million rials ($200 million).
MC3 did not immediately respond to a request for comment. HSBC declined to comment on Wednesday.
This summer, the company invited banks to apply for the proposed public share sale and appointed boutique Moelis & Co as its independent financial adviser, Reuters reported on June 1, citing two sources familiar with the matter.
Milling Company 3 is targeting an offer in the first quarter of 2024, one of the sources told Reuters in June.
MC3 is the second milling company in Saudi Arabia to seek a public listing.
First Milling Co priced its IPO in June at the upper end of the indicative range due to strong demand.
(Reporting by Hadeel Al Sayegh; Editing by Clarence Fernandez)
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