Markets Saudi’s Milling Company 3 mulls IPO in 2024 By Reuters June 4, 2023 Wam Saudia Technic is targeting a public share sale before the end of the decade Saudi Arabia’s Milling Company 3 (MC3) is planning an initial public offering (IPO) next year and has invited banks to pitch for roles in the deal, two sources familiar with the matter said. MC3, which operates flour mills in the region of Khamis Mushait, Aljouf and Aljamoom, has appointed Moelis & Co as an adviser, said the sources, declining to be named because the matter was not public. MC3 and Moelis did not immediately respond to a request for comment. The company is targeting an offering in the first quarter of 2024, one of the sources said. MC3 was one of several flour milling privatisations in Saudi Arabia. It was sold to a consortium of Al Ghurair Investment, Al Rajhi Holding Group and Masafi for SAR750 million ($199.99 million) by the Saudi Grains Organization in 2020. Last week First Milling Company, the first mill privatised in Saudi Arabia, set the final offer price for its IPO at SAR60 per share, implying a market capitalisation at listing of SAR3.33 billion ($888 million). The book-building process generated an order book of SAR68.81 billion ($18.35 billion) and resulted in a subscription coverage of 68.9 times of the total offered shares, the company said in a statement.