JEDDAH, SAUDI ARABIA — First Milling Co. (First Mills) on June 22 listed its shares on the main market of the Saudi Exchange following the completion of its initial public offering.

The company is trading under the ticker symbol 2283. The shares of First Mills were priced at SAR 60 per share ($16 per share), at the top of the company’s price range, implying a market capitalization at listing of SAR 3.330 billion ($888 million).

The company’s share hit as high as $20.79 (SAR 78) during intraday trading.

“The listing of First Mills on the Saudi Exchange signifies our commitment to enabling food availability and sustainability in Saudi Arabia,” said Abdullah Ababtain, chief executive officer. “As a trusted market leader, we take pride in our ability to produce high-quality flour products and wheat byproducts. Investors, whether institutions or individuals, have the opportunity to be part of our mission to be the first partner of choice in the food and feed sectors, serving communities and markets across the Kingdom. We look forward to leveraging our clear and focused strategy to build scale and capacities, optimize operational and financial efficiencies, explore new product categories, enhance distribution channels, and drive sustainable growth in revenue and profit.”

First Mills offered nearly 16.7 million of its existing ordinary shares, or 30% of its issued share capital, during its IPO.

About 90% of the floated shares were allocated to “Participating Parties” that took part during First Mills’ book-building process, while the remaining 10% were allotted to individual investors.

First Mills produces more than 48 flour products and wheat byproducts such as animal feed, bran and wheat germ. It has a premium flour brand, Aloula, which is marketed in retail outlets across Saudi Arabia.

First Mills is a market leader in the flour and compound feed market, with a wheat milling capacity of 4,200 tonnes per day and a feed mixing capacity of 900 tonnes per day.

The company operates four large-capacity production facilities strategically located across Saudi Arabia, in the Makkah, Al-Qassim, Tabuk and Eastern regions.