Arabian Mills for Food Products Co's initial public offering (IPO) in Saudi Arabia was fully subscribed within an hour of the book's opening, reflecting strong investor demand.
The company aims to raise up to $271 million by selling a 30% stake, equivalent to about 15.4 million shares, on the Saudi stock exchange.
Institutional investors quickly covered the shares, priced between 62 and 66 riyals each ($16.50 to $17.60). The listing process includes a book-building period from September 1 to September 5, with final pricing expected on September 11, followed by a retail subscription period on September 18 and 19.
This rapid subscription comes shortly after another successful float - this time by Saudi perfume maker Al Majed for Oud Co.