Mohammed Hadi Al-Rasheed is going public on Nomu with a secondary share sale: Riyadh-based construction and mining firm Mohammed Hadi Al-Rasheed is gearing up to float 1.44 mn ordinary shares — good for % stake— on parallel market Nomu, according to its prospectus (pdf).

Use of proceeds: SAR 2.8 mn from the secondary share sale’s proceeds will be channeled towards covering the IPO’s expenses, with the remainder to be distributed to selling shareholders.

The timeline:

  • Qualified Investors can place their orders starting Sunday, 28 April 2024, until Monday, 6 May, with each investor allowed to buy a minimum of 10 shares and a maximum of 600k shares;
  • The final share allocation is slated for Sunday, 12 May.

Substantial shareholders + lock-up period: Al-Rasheed has three main shareholders who are set to hold a 66.7% stake in the company after the offering, down from a previous 75.8%. Substantial shareholders will have their shares in lockup for 12 months from the start of trading.

The latest results in a nutshell: The company’s net income rose 48% y-o-y to SAR 11.8 in 1H 2023 and its revenues were up 32% y-o-y to SAR 91 mn.

Exports on the rise: Al-Rasheed exports quarried materials to markets including Bahrain, the UAE, Oman, India, and South Korea, adding SAR 17.7 mn to its coffers in 1H 2023. This accounted for 19.5% of total revenues in 1H 2023 — exceeding the 13.5% it clocked in 2022 and 16.7% of 2021.

ADVISORS- Yaqeen Capital is quarterbacking the transaction as lead manager and financial advisor, while RSM is acting as legal council. The underwrites include Derayah, Al Jazira Capital, Albilad Capital, SNB Capital Company, Alinma Investment, Alistithmar Capital, Riyad Capital, and ANB Capital.

TAQAT MINERAL TRADING DEBUT-

TAQAT Mineral Tradingbegan trading on Nomu on Thursday, offering 2.4 mn shares — good for a 20% stake — at an opening price of SAR 18 per share, Argaam reported.

The company’s shares dipped 4.4% to close at 17.20, with some 201.7k shares trading hands, according to market data.

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