RIYADH, SAUDI ARABIA — Arabian Mills for Food Products Co. announced the price range for its initial public offering and the start of its institutional book building period.

The price range for the offering has been set between SAR 62 and 66 per share ($16.52 to $17.59), with a total offering size estimated between $255 million and $271 million. Market capitalization is expected to range between $848 million and $903 million.

Institutional book building started Sept. 1 and continues until the end of business local time on Sept. 5.

The initial offering includes 15,394,502 shares, representing 30% of the company’s issued share capital.

Arabian Mills, operating in Saudi Arabia, produces, distributes and sells wheat flour and derivative products, animal feed and bran to customers across the country.

It is one of the market-leading milling companies in the Gulf Cooperation Council (GCC), with the largest daily flour production capacity in Saudi Arabia.

Arabian Mills has a daily flour production capacity of 4,920 tonnes and daily feed milling capacity of 600 tonnes. It is the second largest in terms of market share in Saudi Arabia and is among the top 10 largest players in the animal feed market.