Shmoh Almadi priced its Nomu IPO at SAR 22 per share after strong demand from qualified investors saw the offering close 195.5% oversubscribed, according to a statement to Tadawul by the transaction’s financial advisor Value Capital. The bakery is taking a 14.9% stake — equivalent to some 1.4 mn shares to Tadawul’s parallel market Nomu.

Market cap + proceeds: The pricing sees the offering raising some SAR 30.8 mn in proceeds, bringing the company’s market cap to SAR 206.8 mn at listing, according to EnterpriseAM calculations. Of the proceeds, SAR 2.4 mn will go towards covering IPO-related expenses, while another SAR 7 mn will be allocated to capital increases and the remainder will fund expansion plans.

Post-IPO structure + lockup: Substantial shareholders will see their combined ownership diluted to 65.5% from 77%. They will not be able to sell down their positions for a 12-month period starting from the first day of trading.

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

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