RIYADH, SAUDI ARABIA — Arabian Mills for Food Products Co. completed the individual investor period and final allotment of offer shares for its initial public offering.

The number of shares that were allocated to the Individual Investors tranche was 1,539,450 offer shares, representing 10% of the total offer shares. The offering saw 264,179 individual investors place orders amounting to SAR 930.6 million ($248.1 million), reflecting a subscription coverage of 9.2 times the offered shares in this tranche.

Arabian Mills allocated a minimum of five shares to each individual investor. The remaining shares will be allocated on a pro-rata basis based on demand size with an average allocation factor of 1.7102%.

The final offer price has been set at SAR 66 per share, implying a market capitalization at listing of SAR 3.387 billion ($903 million). The total size of the offering is SAR 1.016 billion ($271 million).

The offer shares will be listed and traded on the Main Market of the Saudi Exchange following the completion of the IPO and listing procedures with the Capital Market Authority and the Saudi Exchange, with the date to be announced at a later stage.

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.