Modern Mills IPO order book 127x covered, offer priced at SAR 48/share

Logo of Modern Mills Co.

Modern Mills Co. (MMC) successfully completed the book-building process for the participating parties tranche, and the final offer price was set at SAR 48 per share, said HSBC Saudi Arabia, the sole financial advisor, global coordinator, joint bookrunner, underwriter, and lead manager.

The IPO order book was 127x covered, according to a filing to Tadawul.

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The retail offering will run on March 5-6, as a maximum of 2.45 million shares were allocated, representing 10% of the total shares offered.

MMC earlier announced plans to float 24.55 million shares, or 30% of its capital, on the main market (TASI), according to data available with Argaam.