Naqawa for Information Technology (Purity Tech) priced its Nomu IPO at the top of its guidance range at SAR 8 per share, according to a disclosure to Tadawul from the IPO’s financial advisor and lead manager Yaqeen Capital. The final pricing will see the firm raising SAR 24 mn in IPO proceeds, with a market cap of SAR 120 mn at listing, according to our calculations. The offering was 5.97x oversubscribed, the disclosure read.

REFRESHER- The Riyadh-based tech company offered a 20% stake — equivalent to 3 mn shares — to qualified investors for listing on Tadawul’s parallel market during a subscription period that ran between Wednesday, 16 October and Tuesday, 22 October.

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Use of proceeds + lockup: The funds are earmarked for the firm’s expansion. Major shareholders prohibited from selling down their positions for 12 months post-listing.

ADVISORS- Yaqeen Capital is quarterbacking the transaction as financial advisor and lead manager. Receiving agents include Al Rajhi Capital, Albilad Capital, Riyad Capital, SNB Capital, Alistithmar Capital, Alinma Investment, AlJazira Capital, ANB Capital, SAB Invest, Derayah Financial, BSF Capital, and Alkhabeer Capital.

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