First Milling Company Completion of Retail Offering Period

Jeddah, Saudi Arabia - 12 June 2023 - First Milling Company (the “Company” or “First Mills”), a market-leading Saudi milling company, along with financial advisor SNB Capital, announces the successful completion of the Final Allotment of Shares in relation to its Initial Public Offering (the “IPO” or the “Offering”).

Following the completion of the Participating Parties book-building process, the Individual Investor offering took place from 6 June to 7 June 2023G. (334,016) Individual Investors subscribed to the Offering reflecting SAR 995.9 million (USD 265.6 million)[1] at the IPO price of SAR 60 per share, implying coverage amounting to 9.97 times for the Individual Investor tranche. The number of shares that were allocated to the Individual Investor tranche was 1,665,000 shares, representing 10 % of the total offering. The Individual Investor offering followed the completion of the institutional book-building process, which was oversubscribed 68.9 times.

The Company allocated a minimum of 4 shares to each retail subscriber included in the subscription request. The remaining shares will be allocated on a pro-rata basis based on demand size to the remaining demand with an average allocation factor of 2.1552 %.

Offer Details
·The Final Offer Price for the Offering has been set at SAR 60 per share, implying a market capitalization at listing of SAR 3,330 million (USD 888 million).
·The total Offering size is SAR 999 million (USD 266 million).
·The Offering is comprised of 16,650,000 existing ordinary shares of the Company to be sold by the current shareholders (the “Offer Shares”).
·Once listed, the Company is expected to have a free float of 30% of the entire issued share capital of the Company.
·The Company’s shares will be listed on the Main Market of the Saudi Exchange following the completion of the Offering and the listing formalities with the CMA and the Saudi Exchange.
 

Offer Timeline