Axelerated issues prospectus for Nomu IPO: IT services firm Axelerated Solutions is floating 3 mn new shares, representing 10.7% of its post-IPO capital, on Tadawul’s parallel market Nomu next month, according to its prospectus (pdf). The primary share sale will be limited to qualified investors, with the proceeds earmarked to support the firm’s growth.

The timeline: The subscription period will run between 15-21 May, whereby qualified investors can book up to 1.39 mn shares each, with the minimum limit set at 100 shares. The final allocation is slated for Monday, 26 May.

Use of proceeds: Some SAR 3.8 mn will be used to cover IPO-related expenses, while the rest of the proceeds are earmarked to support the firm’s expansion across the Kingdom.

Post-IPO structure + lockup period: Axelerated Solutions’ three substantial shareholders will retain an 89.29% stake in the company post-IPO, down from their current 100% holding. Their shares will remain on lockup for 12 months from the first day of trading.

A snapshot of its latest financials: Axelerated Solutions’ net income fell 22% y-o-y to roughly SAR 17.43 mn in 1H 2024, according to the prospectus. The firm’s revenue went up 54.6% y-o-y to SAR 182.3 mn during the same period.

ADVISORS- Value Capital is quarterbacking the transaction as its lead manager and financial advisor, with PKF acting as accountant. Receiving agents include SNB Capital, Al Rajhi Capital, BSF Capital, and Alinma Investment, among others.

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