Basma Adeem Medical priced its Nomu IPO at the top of the indicativerage at SAR 4.4 per share, after the subscription period for qualified investors closed out with a 1,981.27% coverage, the financial advisor on the transaction Yaqeen Capital said in a disclosure to Tadawul. The dental care services company had lined up CMA approval for a 20% stake offering — good for 4 mn shares — last October.

Market cap and proceeds: The final pricing sees the firm locking in some SAR 17.6 mn in proceeds, giving it a market cap of around SAR 88 mn at listing, according to EnterpriseAM calculations.

Use of proceeds + lockup: Net proceeds from the sale will go towards establishing a dental lab and new clinics as part of Basma Medical’s expansion plans, after setting aside SAR 2.4 mn to cover IPO-related expenses. The company’s four major shareholders will see their ownership diluted to a combined 70.29% stake down from 87.87%.

What’s next? Yaqeen Capital, the financial advisor, will confirm Basma Adeem’s listing date on Nomu after finalizing remaining procedures.

ADVISORS- Yaqeen Capital is quarterbacking the transaction as lead manager and financial advisor, while RSM is auditor. Receiving agents include Alistithmar Capital, Alinma Investment, SNB Capital, AlJazira Capital, Riyad Capital, and others.

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