Nadine Nassar_Robert Eastwood

Baker McKenzie Guides Modern Mills Company’s IPO

Saudi-based milling and nutrition company, Modern Mills Company (MMC) has successfully debuted on the main market of the Saudi Exchange (Tadawul) with the guidance of global law firm Baker McKenzie. The Initial Public Offering (IPO), valued at approximately SAR 3.928 million (USD 1.047 million), marks a pivotal moment for MMC and the broader regional market.

MMC, a leading milling and nutrition company headquartered in Saudi Arabia, enlisted the expertise of Baker McKenzie to navigate the complexities of its IPO journey. The firm provided comprehensive legal counsel to MMC throughout the transaction, which involved listing shares on Tadawul and offering 24,549,600 ordinary shares, equivalent to 30% of MMC’s share capital, to the public at an offer price of SAR 48 (USD 12.8) per share.

Following meticulous planning and regulatory approvals, MMC received the green light from the Capital Market Authority (CMA) on December 31, 2023. The long-awaited listing event finally materialized on March 27, 2024, signalling a new chapter of growth and opportunity for MMC and its stakeholders.

Established in 1982, MMC has emerged as a cornerstone of Saudi Arabia’s food industry. With a proven track record of sustainable and profitable growth, MMC is well-positioned to capitalize on evolving market dynamics and contribute significantly to the nation’s food security objectives.

Leading on the transaction, Nadine Nassar and Robert Eastwood (both pictured above) commented: “This IPO offers a great opportunity for investors as they invest in a regional top-tier food enterprise that is known for its strong financial performance,” they added. 

The Capital Markets team at Baker McKenzie comprised Nadine Nassar, Robert Eastwood, Tina Maria Kassouf, Nasser AlShoaibi and Sara AlNasser. From Baker McKenzie London, Charles Farnsworth also provided support.