Saudi Arabia’s Modern Mills Gets $40 Billion in Orders for IPO

Investors put in about $40 billion of orders for Saudi Arabia’s Modern Mills for Food Products Co.’s initial public offering, as demand for share sales in the Middle East shows no signs of abating.

The demand for the institutional tranche of the 1.2 billion-riyal ($320 million) IPO amounted to a coverage of almost 127 times, according to a statement. The price was set at 48 riyals per share, the top end of a marketed range and implying a market capitalization of 3.9 billion riyals.

The selling shareholders Mada International Holding Co., Al Ghurair Foods, and Masafi Co. are offering ...