Itmam Consulting priced its Nomu IPO at SAR 15 per share, after the subscription period for qualified investors closed out with a 2.3x oversubscription rate, the financial advisor on the transaction Yaqeen Capital said in a disclosure to Tadawul. The final pricing sees the firm locking in some SAR 45 mn in proceeds, giving it a market cap of around SAR 315 mn at listing, according to EnterpriseAM calculations.

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

What’s next? Yaqeen Capital will finalize the remaining procedures with the Saudi Exchange and confirm Itmam’s listing date on Nomu.

BACKGROUND- The Riyadh-based consulting firm is offering a 14.3% stake on Tadawul’s parallel market — good for 3 mn shares, 1 mn of which are newly issued. Net proceeds from the offering will fund working capital to support expansion plans, after allocating SAR 3 mn to cover offering expenses. Itmam’s seven major shareholders will see their ownership diluted to a combined 80.6%, down from their current 94%, and will be subject to a 12-month lock-up period beginning from the first day of trading.

ADVISORS- Yaqeen Capital is quarterbacking the transaction as lead manager and financial advisor, while RSM acts as a legal accountant. Receiving agents include Alistithmar Capital, Alinma Investment, SNB Capital, AlJazira Capital, and Riyadh Capital, among others.

Tags: