DUBAI, June 1 (Reuters) – Saudi Arabia’s Milling Company 3 (MC3) is planning an initial public offering (IPO) next year and has invited banks to bid for roles in the deal, two sources familiar with the matter said.
MC3, which operates flour mills in the Khamis Mushait, Aljouf and Aljamoom region, has appointed Moelis & Co as advisers, the sources said, refusing to be named as the matter is not public.
MC3 and Moelis did not immediately respond to a request for comment.
The company is targeting an offering in the first quarter of 2024, one of the sources said.
MC3 was one of several grain mill privatizations 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).
It is the second milling company in Saudi Arabia to seek a public listing.
First Milling Co priced its IPO on Tuesday at the upper end of the indicative range on strong demand.
The price was set at 60 rials per share, the company was valued at 3.33 billion rials and 999 million rials was raised for 30% of the deal.
Regional companies raised $21.9 billion through IPOs last year, more than half the total for the entire Europe, Middle East and Africa region, data from Dealogic shows.
Reporting by Hadeel Al Sayegh; Editing by Jason Neely Editing by David Goodman
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