Jana Medical priced its Nomu IPO at the top of the guidance range at SAR 44 apiece, with the offering 1.5x oversubscribed, the transaction’s lead advisor Afaq Capital said in a Tadawul filing. The final pricing sees Jana raising SAR 28.3 mn in proceeds, giving it a market cap of SAR 141.4 mn at listing, according to EnterpriseAM Saudi calculations.

REFRESHER- Jana Medical is offering a 25% stake (equivalent to 642.5k shares) on Tadawul’s parallel market Nomu. The Capital Market Authority approved the move in June.

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Use of proceeds + lockup: Of the total proceeds, SAR 2.9 mn will be set aside to cover offering-related expenses, with remaining funds allocated to medical equipment procurement 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. Major shareholders will be restricted from executing any transactions on their shares for 12 months from the first day of trading.

What’s next: Final share allocations wrapped yesterday, and the first day of trading will be announced once all regulatory requirements have been met.

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. 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 lead manager and RSM Global is 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.

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