Baker McKenzie and K&A on Fourth Miling Company’s IPO
Baker McKenzie has acted as legal counsel to Fourth Milling Company (“MC4”), a flour milling enterprise in Saudi Arabia, on its Initial Public Offering (IPO) on the main market of the Saudi Exchange (Tadawul). K&A advised Riyad Capital in its capacity as the financial adviser, underwriter, and lead manager on the IPO of the Fourth Milling Company.
At the time of listing, MC4 achieved a market capitalization of SAR 2.862 billion (USD 763.2 million), with IPO proceeds totaling approximately SAR 858.60 million. The institutional book-building process generated an impressive order book of SAR 102.2 billion, resulting in a subscription coverage of approximately 119 times.
Baker McKenzie’s team
The Baker McKenzie capital markets team in Saudi Arabia was led by counsel Nadine Nassar (pictured – right), with support from associates Sara Alnasser, Lama Alhabib, and Hayat Alabdulwahed. The law firm provided legal guidance throughout the transaction, including the listing of MC4 shares on Tadawul and the public offering of 162,000,000 ordinary shares, representing 30% of the company’s share capital, at a price of SAR 5.30 (equivalent to USD 1.41) per share. MC4’s shares are now trading under the ticker symbol: 2286.
K&A’s team
The team of K&A advising Riyad Capital was led by partner Zeyad Khoshaim (pictured – left), senior associate Ghaida Meaigel, supported by a team of associates in the capital markets team. This role comes on the back of K&A also closing the work on the IPO of Arabian Mills for Food Products Co. early October.
About MC4
Established in 2017, MC4 has become a market leader in the production of high-quality flour, feed, bran, and diverse wheat derivatives, consistently demonstrating strong profitability and market presence.
Nadine Nassar, Of Counsel at Baker McKenzie in Saudi Arabia and lead counsel on the transactions, stated: “We are thrilled to have played a pivotal role in MC4’s IPO, reflecting our commitment to supporting clients in the dynamic Saudi market. This successful offering is a testament to the company’s robust growth and potential for continued success.”
