Jana Medical is guiding on a price range of SAR 40-44 per share for its offering of a 25% stake on Tadawul’s parallel market Nomu, the transaction’s financial advisor Afaq Capital said in a disclosure to Tadawul.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

Proceeds + market cap: At the top of the range, the pricing would see Jana Medical raise SAR 28.3 mn in proceeds, and would give it a market cap of SAR 141.4 mn at listing, according to our calculations. Of the total proceeds, SAR 2.9 mn will be deducted 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. 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 from the first day of trading.

What’s next? Qualified investors can book a minimum of 10 shares and a maximum of 157.4k apiece between this Wednesday, 6 November and next Thursday, 14 November. Final allocations are set for Tuesday, 19 November, while any available refunds will be processed by Sunday 24 November. The first day of trading will be announced once all regulatory requirements have been met.

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.

Tags: