First Mills successfully completes Tadawul IPO worth US$888 Bil
Abdulaziz Alajlan & Partners, in association with Baker & McKenzie Limited, provided successful legal advice to First Milling Company (‘First Mills’) on its Tadawul IPO.
First Mills, a leading producer of high-quality grain products, completed its SAR 3,330 million (USD 888 million) initial public offering on the Main Market of the Saudi Exchange. The company commenced trading on the Saudi bourse on June 22, 2023, under the ticker symbol “2283.”
With a market share of 33.8% in terms of volume in the Kingdom’s flour products market in 2021, First Mills is a significant player in the flour-based products and byproducts industry.
The IPO is expected to enhance First Mills’ visibility, provide access to capital markets, and create opportunities for further business growth.
The Capital Markets team at Abdulaziz Alajlan & Partners, in association with Baker & McKenzie Limited, included Karim Nassar, Nadine Nassar, Charles Farnsworth (London), Ayatt Ashour, Tina Maria Kassouf, and Sara AlNasser.
This transaction adds to the extensive portfolio of deals on which Abdulaziz Alajlan & Partners have recently advised. Notable examples include assisting Jamjoom Pharma with its SAR 1,260 million (USD 336 million) initial public offering on the Saudi Stock Exchange and serving as joint underwriters for The Power and Water Utility Company for Jubail and Yanbu’s (Marafiq) USD 897 million (SAR 3.36 billion) IPO and listing on the Saudi Exchange.
