First Milling Company announcement of final offer price

First Milling Company announcement of final offer price

Jeddah, Saudi Arabia – Following the announcement on 18 May 2023 by First Milling Company (the “Company”, or “First Mills”), a market-leading Saudi milling company, of the Offer price range, the Company along with financial advisor SNB Capital, announced today the successful completion of the Participating Parties book-building period in compliance with the guidelines of the Capital Market Authority (“CMA”) and the determination of the final offer price (the “Final Offer Price”) for the Initial Public Offering (the “IPO” or the “Offering”) at SAR 60 per share, implying a market capitalization of SAR 3,330 million (USD 888 million)[1].

The book-building process generated an order book of SAR 68,818 million (USD 18,351 million)1 and resulted in a subscription coverage of 68.9 the total offered shares.

Eng. Abdullah Ababtain, Chief Executive Officer of First Milling Company, said:

"The impressive demand by Participating Parties for First Mills' offer shares is a resounding validation of the Company’s investment thesis. They appreciate the Company’s long-term value creation potential supported by its market leadership, diverse product portfolio, outstanding financial performance, and effective leadership team.

We are honored by this strong vote of confidence from the diverse group of distinguished institutional investors and look forward to welcoming them into our shareholder