Baker McKenzie and K&A advised parties on the initial public offering (IPO) of Saudi Arabia’s Fourth Milling Company.
Fourth Milling offered 162 million shares on the main market of the Saudi Exchange, representing 30% of the company’s share capital. The final offer price was set at SAR 5.30 per share.
At the time of listing, Fourth Milling achieved a market capitalisation of SAR 2.86 billion, with IPO proceeds totalling approximately SAR 858.6 million.
The book-building process generated SAR 102.2 billion, resulting in a subscription coverage of approximately 119 times.
Baker McKenzie advised Fourth Milling on the listing and public offering. The team was led by of counsel Nadine Nassar, with support from associates.
Nassar said: “This successful offering is a testament to the company’s robust growth and potential for continued success.”
K&A served as legal counsel to Riyad Capital in its capacity as the financial adviser, underwriter, and lead manager. The firm’s managing partner, Zeyad Khoshaim, led on the transaction, alongside senior associate Ghaida Meaigel, with support from a team of capital markets associates.
Fourth Milling has achieved significant sales growth in the last few years, with revenues growing at a compound annual growth rate (CAGR) of 29.7% from SAR 336 million in 2021 to SAR 566 million in 2023.
It is the fourth milling company that Baker McKenzie has advised in relation to an IPO, following Arabian Mills in October 2024, which K&A was also involved in, as well as the Modern Mills Company in March 2024 and the First Milling Company in June 2023.
