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MC4 appoints Riyad Capital for planned IPO: The Fourth Milling Company (MC4) has appointed Riyadh Capital as a financial advisor for its initial public offering on the Tadawul, Bloomberg reported yesterday, citing sources it says have knowledge of the transaction. The offering could happen in the first half of the year, one of the sources said.
Little or no details: The sources said the size and timing of the IPO, which could raise over USD 200 mn, are still preliminary and could be subject to changes. MC4 has already picked Himmah Capital to advise on the potential listing, according to Bloomberg in October.
All part of a wave of privatization + IPO bonanza for the milling firms: MC4 is among several state-owned flour milling firms that were sold to the private sector by the government in recent years under its privatization scheme for the industry. Since then, the milling firms have sought share sales, with First Milling going public in May with a USD 266 mn IPO.
MC4 isn’t alone: Modern Mills Food Products Company plans to offer a 30% stake on the stock market in the first quarter of this year after receiving the greenlight from the Capital Markets Authority (CMA) in late December. Modern Mills was previously known as Milling Company 3.
