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Jana Medical is offering a 25% stake (equivalent to 642.5k shares) on Tadawul’s parallel market Nomu, according to a prospectus (pdf). The Capital Market Authority approved the move in June.
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Use of proceeds: SAR 2.9 mn will be deducted from total proceeds to cover offering-related expenses, with remaining funds allocated to medical equipment procurement initiatives that are estimated to cost around SAR 160.7 mn. Company resources, earnings, and bank facilities will be used to cover procurement costs that exceed the offering’s proceeds. Meanwhile, if the required funds cannot be acquired to cover procurement plans, the offering’s proceeds will be re-allocated towards less costly growth programs. Shareholders will not be allocated any proceeds from the offering.
Lock-up period: Major shareholders will be restricted from executing any transactions on their shares for 12 months beginning with the first day of trading.
Timeline: Qualified investors can book a minimum of 10 shares and a maximum of 157.4k apiece between Wednesday, 6 November, and Thursday, 14 November. Final allocations are set for Tuesday, 19 November, while any available refunds will be processed by Sunday 24 November. Trading date will be announced once all regulatory requirements have been met.
Jana Medical’s bottom line rose 3.7% y-o-y to SAR 5.4 mn in 2023, while revenues increased 42.5% y-o-y ti SAR 61.4 mn.
About Jana Medical: The firm and its subsidiaries are concerned with the import, supply, and manufacture of medical supplies in the Kingdom, according to its website. Some of Jana Medical’s clients include the Saudi German Hospital, Dr Sulaiman Al Habib, and King Saud University Medical City, among others.
ADVISORS- Afaq Capital is assuming the role of financial advisor, while Musharaka Capital is stepping in as lead manager and RSM Global as auditor. Receiving agents include Alistithmar Capital, Alinma Investment, SNB Capital, Aljazira Capital, Riyad Capital, ANB Capital, Albilad Capital, Al Rajhi Capital, Derayah Financial, Saudi Fransi Capital, SAB Invest, Alkhabeer Capital, Yaqeen Capital.
