Modern Mills plans to proceed with 30% IPO on TASI

07/02/2024 Argaam

Modern Mills Co. (MMC) intends to proceed with floating 30% of its capital on the main market (TASI), said HSBC Saudi Arabia, the sole financial advisor, global coordinator, and joint bookrunner, underwriter, lead Manager on the potential offering.

 

The Saudi Exchange (Tadawul) approved on Dec. 28, 2023, the company’s application to list shares on the main market.

 

The Capital Market Authority (CMA) also approved on Dec. 31, MMC's application to float 24.55 million shares, or 30% of its capital, according to data available with Argaam.

 

The offering price will be determined after the book-building process.

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