Time Entertainment Company is taking a 20% stake (good for 200k shares) to the Nomu parallel market, it said in a prospectus (pdf). The event organizer lined up Capital Market Authority approval for the move in December 2024.

Use of proceeds: The company will distribute the full proceeds to selling shareholders — minus SAR 2.4 mn in IPO-related expenses. The company itself will not receive any proceeds from the offering.

Post-IPO structure + lockup: Following the IPO, the company’s four major shareholders will see their combined ownership diluted to 80% from 100%. Princess Aidan bint Nayef Al Tawil Al Otaibi, the largest shareholder, will see her stake reduced to 68% from 85% while each of the remaining shareholders will see their 5% holdings reduced by one percentage point. Their shares will be locked up for 12 months from the first day of trading.

IPO timeline: Qualified investors can book shares between Tuesday, 27 May, and Sunday, 1 June, with a minimum subscription of 10 shares and a maximum of 49.9k shares. The final allocation is slated for Tuesday, 3 June.

Earnings snapshot: Time Entertainment reported a net income of SAR 10.8 mn in 1H 2024, up from SAR 2.9 mn in 1H 2023. The company logged SAR 79 mn in revenue during the same period, up from SAR 16.7 mn in the first half of the past year.

ADVISORS- Al Khair Capital is quarterbacking the transaction as financial advisor and lead manager. Alsaleh, Alsahli & Partners Law Firm is serving as legal advisor with RSM as the bookrunner. Receiving agents include Derayah Financial, Albilad Capital, Alkhabeer Capital, AlJazira Capital, ANB Capital, BSF Capital, Alinma Capital, GIB Capital, Alistithmar Capital, Riyad Capital, SAB Invest, Yaqeen Capital, Sahm Capital and SNB Capital.

About Time Entertainment: Established in 2012, the company specializes in the organization of entertainment events, offering professional event consulting services, live creative experiences and shows as well as celebrations.

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