HKC Ceramics, better known as Hedab Al Khaleej, priced its IPO at SAR 52 per share — the top of the range it was guiding on — after its Nomu offering closed 1.7x covered, according to a filing to Tadawul. The final price saw the local marble and porcelain supplier raise some SAR 41.6 mn in IPO proceeds, giving it a market cap of SAR 390 mn at listing.

REFRESHER- The company took a 10.67% stake to market in a primary offering limited to qualified institutional investors, in a bid to finance its expansion plans and reduce its existing liabilities.

Post-IPO ownership: The company’s three substantial shareholders will see their ownership diluted to a combined 68.57% stake, down from 76.76%.

ADVISORS- Yaqeen Capital is quarterbacking the transaction as financial advisor and lead manager, while PKF Al Bassam & Co. serves as legal accountant. Receiving agents include Derayah Financial, Al Rajhi Capital, SNB Capital, Alinma Investment, Albilad Capital, ANB Capital, BSF Capital, Riyad Capital, SAB invest, AlJazira Capital, Alistithmar Capital, AlKhabeer Capital, GIB Capital, and Sahm Capital.

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