Mohammed Hadi Al-Rasheed is going public: Riyadh-based construction and mining firm Mohammed Hadi Al-Rasheed is gearing up to float 1.44 mn ordinary shares — good for a 12% stake— on parallel market Nomu, according to its prospectus (pdf).

The details: Al-Rasheed’s is guiding on a price range of SAR 22 to SAR 28 per share, according to a disclosure to Tadawul. Qualified investors can place their orders from Sunday, 28 April, to Monday, 6 May. Each investor can purchase a minimum of 10 shares and a maximum of 600k shares. The final share allocation is scheduled for Sunday, 12 May.

Use of proceeds: Selling shareholders will take home the proceeds from the transaction after covering some SAR 2.8 mn in transaction-related expenses.

Lock-up period: Al-Rasheed has three main shareholders whose ownership will settle at a combined 66.7% stake after the sale, down from a previous 75.8%. Substantial shareholders will not be able to execute any transactions on their shares for a 12 months period from the start of trading.

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, Alinma Investment, Alistithmar Capital, Riyad Capital, and ANB Capital.

We have a solid IPO pipeline for Nomu: The parallel market’s pipeline this year includes schools operator Horizon Educational, Riyadh-based advisor Yaqeen Capital (itself a top advisor on Nomu IPOs), medical supplies outfit Qomel, Leaf Global Environmental Services, petroleum derivatives manufacturer Petrol Naas and Arabian United Float Glass.

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