WSMInformation Technology shares will make their debut on Nomu today, according to a Tadawul disclosure. Shares will open at SAR 49 apiece, valuing the consulting and digital solutions company at SAR 95.6 mn after it sold a 20% stake. Here’s the prospectus (pdf).

The offering saw strong demand from qualified investors with a 5x oversubscription, according to a disclosure to Tadawul. Investors can place orders for a minimum of 10 shares and a maximum of 97.5k.

All secondary: The transaction is fully a secondary offering, meaning existing shareholders have cashed out a portion of their holdings and the company has not raised fresh capital through the transaction.

Lockup period: All three substantial shareholders will have to abide by a 12-month lockup starting from the first day of trading — meaning they can’t sell any of their remaining shares for the coming year.

KPIs for 1H 2023: Revenues increased 3x y-o-y to SAR 12 mn in 1H 2023, while the bottom line 167% y-o-y to SAR 3.2 mn over the same period.

ADVISORS– Kasb Capital is quarterbacking the transaction as sole financial advisor and underwriter, while Kharashi and Partners is acting as legal advisor and Derayah is the receiving agent.

UPDATE ON AL MODAWAT

Shares of Al Modawat Specialized Medical will start trading on Nomu on Sunday, 25 February, according to a Tadawul statement yesterday. The healthcare player has sold a 20% stake to qualified investors, offloading 475k shares as SAR 111 apiece. The oversubscribed offering was quarterbacked by Yaqeen Capital.

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