Modern Mills sets IPO price range at SAR 44-48

Logo of Modern Mills Co.

Modern Mills Co. set the initial public offering (IPO) price range between SAR 44 and SAR 48 per share, according to HSBC Saudi Arabia, the financial advisor, global coordinator, lead manager, institutional bookrunner and underwrite of the IPO.

According to a statement to Tadawul, the participation in the book-building process is confined to the participating parties in accordance with the instructions for the book- building process and allocation method in IPOs issued by the board of the Capital Market Authority (CMA).

The final offer price will be determined once the book-building process is complete, which will be followed by individual investor subscription, the statement pointed out, adding that the offering is comprised of 24.55 million shares, representing 100% of the total offered shares. The final allocation will be made after the end of retail subscription.

If there is sufficient demand by individual subscribers, the bookrunner may reduce the number of offered shares allocated to participating parties to a minimum of 22.09 million, representing 90% of the total offered shares.

The book-building process for the participating entities will run from Feb. 15 until 4.00 pm KSA on Feb. 21.

According to data available on Argaam, Modern Mills earlier offered 24.55 million shares, or a 30% stake, on the Main Market.