Investor enthusiasm was evident as Saudi Arabia's Modern Mills for Food Products Co. witnessed all its shares snapped up shortly after the opening of books, underscoring the robust demand for regional listings. The IPO, spanning a price range of 44 riyals to 48 riyals per share, has the potential to raise up to 1.2 billion riyals ($314 million), positioning the firm for a valuation of $1 billion at the upper end of the range. Selling shareholders, including Mada International Holding Co., Al Ghurair Foods, and Masafi Co., are offering a 30% stake in the company through the sale of 24.5 million shares.

Bookbuilding for institutional investors will continue until Feb. 21, with pricing slated for Feb. 27, while retail investors will have the opportunity to bid between March 5 and 6. Modern Mills' impending IPO follows the Saudi government's strategic move to privatize the flour milling industry, with four companies being divested to the private sector. HSBC Holdings Plc is spearheading the IPO as sole financial adviser, global coordinator, and lead manager, with Emirates NBD Capital serving as a joint bookrunner and Moelis & Co. advising the selling shareholders.