Al Othaim says profit from Fourth Mills IPO at SAR 160M

Abdullah Al Othaim Markets Co.’s estimated net proceeds from the initial public offering (IPO) of Fourth Mills Co. would reach SAR 160 million after Zakat and tax, according to a statement to Tadawul.

The IPO net proceeds, excluding the offering expenses, are expected to reach SAR 833 million for the selling shareholder, Gulf Industrial Flour Milling Co., which is 33.3% owned by Al Othaim.

The relevant financial impact will appear in Q4 2024, with the IPO and share listing expected to be completed in October 2024

According to data available on Argaam, the Capital Market Authority (CMA) approved in June the application by Fourth Mills Co. to float 162 million shares for in an IPO.

Al Othaim indirectly holds a 33.33% stake in Fourth Mills Company.

The final offering price was set at SAR 5.30 per share, with the individual subscription period running for two days, October 2-3.