Milling Company 3 appoints HSBC to manage IPO in 2024: Report

Logo of Milling Company 3 (MC3)

Saudi Arabia's Milling Company 3 (MC3) appointed HSBC to manage its initial public offering (IPO), which is scheduled for 2024, Reuters reported, quoting informed sources.

Last June, Reuters reported that MC3 plans to float its shares by Q1 2024, as it invited banks to pitch for roles in the deal and hired Moelis & Co. as an adviser, according to data available on Argaam.

MC3 was incorporated in October 2016. It has three branches in Khamis Mushait, Al-Jouf and Al Jumum. The company produces different flour and fodder products. Its flour mill and fodder plant operate with a capacity of 1,035 tons and 420,000 annually, respectively.

The capacity of MC3’s operational silos is 185,000 tons.

In 2020, the National Center For Privatization & PPP (NCP) completed the sale of the third mill to the consortium of Al Ghurair Investment, Al Rajhi Holding Group and Masafi for SAR 750 million.

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