JEDDAH, SAUDI ARABIA — Investors purchased all the shares in Modern Mills Co.’s initial public offering shortly after books opened on Feb. 15, Bloomberg reported.

The company set a price range of SAR 44-48 ($11.73-$12.80) per share and is expected to raise between $288 million and $314 million.

The offering is comprised of 24,549,600 ordinary shares, representing 30% of the company’s share capital sold by the current shareholders. The selling shareholders are Mada International Holding Co., Al Ghurair Foods Co. and Masafi Co.

“Our sector is backed by strong fundamentals and through our best-in-class operational model, and highly experienced management team, we are well poised to unlock and capture additional growth,” said Ibrahim Suliman Al Rajhi, chairman. “This IPO is a reaffirmation of our commitment to Saudi Arabia’s vision of a self-sufficient, secure future in food production and testament to the success of the Kingdom’s Privatization Program for the sector. We are proud to be playing an active role in enhancing the efficiency and competitiveness of the sector and in turn providing the best quality of goods and services to consumers.”

Bookbuilding for institutional investors continues until Feb. 21, with pricing set for Feb. 27. Retail investors will be able to bid between March 5-6.

Modern Mills, a national and leading milling and nutrition company, is the second of four flour milling companies to go public after the government-controlled industry was split and sold to the private sector. First Milling Co. went public in May 2023 with a $266 million IPO.

Bloomberg has reported that Fourth Milling Co. is working toward a listing this year.