Trading of shares in Riyadh-based construction and mining firm Mohammed Hadi Al Rasheed will begin on parallel market Nomu tomorrow, according to a Tadawul statement. The company is wrapping up an IPO that saw it sell a 12% stake on the parallel market in a secondary share sale.

What to expect on Thursday: Shares will be allowed to trade within a ±30% band on each of the first three days before being capped at no more than 10% up or down after that before circuit breakers kick in. (All shares on Tadawul are subject to the 10% up-or-down rule.)

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, which wrapped up its book-building process earlier this month. Riyadh-based advisor Yaqeen Capital (itself a top advisor on Nomu IPOs, including Mohammed Hadi Al Rasheed’s) recently extended the subscription period for its IPO on Nomu until tomorrow from an initial deadline of Sunday, 12 May. The final allocation of shares is slated for Tuesday, 28 May and refunds are scheduled for Monday, 3 June. Bookbuilding for Leaf Global Environmental Services’ offering will begin next Sunday. Medical supplies outfit Qomel rang the bell on Nomu earlier this month to mark the first day of trading on its shares.

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