The Capital Markets Authority (CMA) of Saudi Arabia announced on Wednesday that it has granted approval for an initial public offering (IPO) of 30% of the share capital of First Milling Company.
This company was the first of several flour milling privatisations in Saudi Arabia and was sold for $540M in 2020 to a consortium led by Almutlaq Group, which included Al Safi, Abunayyan Holding, and Essa Al Ghurair Investment.
Canaccord Genuity acted as the financial adviser for the consortium. Middle Eastern companies raised $21.9B through IPOs in 2022, representing over half of the total raised in the wider EMEA region, which includes Europe and Africa, according to Dealogic data.
