Riyadh Steel’s Nomu IPO was more than 2x oversubscribed:Riyadh Steel has priced its shares at SAR 17 (USD 4.5) a piece and its book-building process was 222.6% oversubscribed, Alinma Investment, the IPO’s financial advisor and underwriter, said in a disclosure to Tadawul yesterday. The steel manufacturer is set to offer some 1 mn ordinary shares, good for a 20% stake in the company. The listing date is yet to be determined.

Last year’s results: The company’s bottom line rose 13.6% to SAR 5 bn y-o-y in 2022, up from SAR 4.5 bn in 2021, according to the IPO prospectus (pdf).

SOUND SMART- Nomu is Tadawul’s version of London’s AIM, offering lighter listing and financial reporting requirements in a bid to attract companies at earlier stages of development, including smaller businesses and startups. There is no profitability requirement to list on Nomu, which is open only to qualified investors (read: most day-trading retail investors need not apply). Want to go deeper? Tap or click here.

Some companies use Nomu as a stepping stone to “upgrade” to the main market, as burger chain Burgerizzr did yesterday. (See What We’re Tracking Today, above.)

ADVISORS- Alinma Investment is quarterbacking the transaction as financial advisor and underwriter to Riyadh, while PFK and RSM are serving as legal accountants, according to the prospectus.

Upcoming Nomu listings on which we’re keeping our eyes open for news:

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