Shalfa Facilities Management priced its secondary share sale of a 15% stake on Tadawul’s parallel market Nomu at SAR 61 apiece, according to a filing to Tadawul. Qualified investors will be able to subscribe to the offering starting today, through to Monday, 28 October. Each investor can book a minimum of 10 shares, and a maximum of 210k shares. The final allocation will take place on Thursday, 31 October.

Proceeds + market cap: The pricing could see the Riyadh-based waste management company raise up to SAR 38.4 mn in proceeds and would give it a market cap of SAR 256.2 mn at listing.

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REFRESHER- The offered shares will be sold by the three substantial shareholders — Mohamed Abdullah Ibrahim, Abdullah Mohamed Ibrahim, and Fahd Mohamed Ibrahim — who each own a third of the company’s 4.2 mn shares. The trio will see their collective stake reduced to 85% post-IPO, with each partner holding 28.3% of the company. The selling shareholders will pocket all proceeds from the offering, after some SAR 2.5 mn are used to cover IPO-related expenses. They will also abide by a 12-month lockup period starting on the start of trading, before they can execute any transactions on their shares.

Latest earnings: Shalfa’s net income rose to SAR 21.5 mn in 2023, up from 9.5 mn in 2022, and its revenues increased to SAR 260.4 mn in 2023, up from SAR 123.1 mn, according to the prospectus.

ADVISORS- Value Capital is the financial advisor and lead manager on the transaction. The receiving agents are Al Rajhi Capital, Albilad Capital, Riyad Capital, SNB Capital, Alistithmar Capital, Alinma Investment, AlJazira Capital, ANB Capital, SAB Invest, Derayah Financial, Saudi Fransi Capital, Alkhabeer Capital, Yaqeen Capital, and Sahm Capital.

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