Milling Company 3 plans IPO in 2024: Report

Logo of Milling Company 3 (MC3)

Saudi Arabia's Milling Company 3 (MC3) is planning an initial public offering (IPO) in the first quarter of 2024, Reuters reported, citing unnamed sources with knowledge of the matter.

The Khamis Mushait-headquartered MC3 invited banks to pitch for roles in the deal, the sources added, noting that Moelis & Co. was hired as an adviser.

MC3 was incorporated in October 2016. It has three branches in Khamis Mushait, Al-Jouf and Al Jumum, according to Argaam data. The company produces different flour and fodder products. Its flour mill and fodder plant operate with a capacity of 1,035 tons and 420,000 annually, respectively.

In 2020, the National Center For Privatization & PPP (NCP) completed the sale of the third mill to the consortium of Al Ghurair Investment, Al Rajhi Holding Group and Masafi for SAR 750 million.

First Milling Co. (First Mill) will launch next week its retail offering to 1.67 million shares. The company floated 16.65 million shares in an IPO, or 30% of its SAR 555 million capital.

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