S. Arabia’s MMC plans to sell 30% stake in IPO

Saudi Arabia’s Modern Mills for Food Products Co. (MMC) intends to sell a 30 per cent stake in an initial public offering (IPO) in Riyadh, according to the company’s disclosure to Tadawul on Wednesday.

The company plans to sell 24.5 million shares in the listing and has appointed HSBC Holdings Plc as the sole financial adviser, global coordinator, and lead manager, with Emirates NBD Capital serving as the joint bookrunner and underwriter for the deal.

MMC is the second company in the kingdom to proceed with a listing this year. Avalon Pharma last month priced its initial public offering at the top of its range, seeking to raise as much as 492 million riyals for a 30 per cent stake.