Legal Advisors Abdulaziz Alajlan & Partners in association with Baker & McKenzie Limited advises First Milling Company on its Tadawul IPO

July 2023

Legal Advisors Abdulaziz Alajlan & Partners in association with Baker & McKenzie Limited served as legal counsel to First Milling Company (First Mills), a leading producer of the highest quality of grain products, for its SAR 3,330 million (USD 888 million) initial public offering on the Main Market of Saudi Exchange. The company was officially and successfully listed on the Saudi bourse on 22 June 2023 and now it trades on Tadawul under the ticker symbol “2283.”

First Mills is one of the largest producers of flour-based products and byproducts by volume and sales, with a market share of 33.8% (in terms of volume) in the flour products market in the Kingdom in 2021G.

Commenting on the deal, Nadine Nassar who led the Legal Advisors team said: “We are honored to have provided legal services to First Mills on their landmark IPO. Through this listing on Tadawul, our client aims to attract investors, raise capital to support its strategic initiatives and further strengthen their market position.”

Abdulrahman Alajlan continued: “We are committed to leveraging our expertise in capital markets and our deep knowledge of Saudi Arabian legal landscape to assist the milling company in achieving its strategic goals and maximizing shareholder value.”

The IPO is expected to provide the leading milling company with increased visibility, enhanced access to capital markets and opportunities for further business growth.

The Capital Markets team at Legal Advisors Abdulaziz Alajlan & Partners in association with Baker & McKenzie Limited comprised Karim Nassar, Nadine Nassar, Charles Farnsworth (London), Ayatt Ashour, Tina Maria Kassouf and Sara AlNasser.

This deal adds to the long list of transactions on which Legal Advisors have recently advised on, including the latest example of capital markets transaction advising Jamjoom Pharma in relation to its SAR 1,260 million (USD 336 million) initial public offering on the Saudi Stock Exchange as well as the joint underwriters on The Power and Water Utility Company for Jubail and Yanbu’s (Marafiq) US$ 897 million (SAR 3.36 billion) initial public offering (IPO) and listing on the Saudi Exchange.