Asas Makeen prices Nomu IPO at SAR 80 apiece

Asas Makeen for Development and Real Estate Investment priced its Nomu IPO — which will see it float 10% of its capital — at SAR 80 apiece, according to a disclosure to Tadawul. This could see the company raise SAR 80 mn in proceeds, and give it a market cap of SAR 800 mn at listing, according to our calculations.

It's a secondary share sale: All shares offered will be sold by the company’s current shareholders, meaning Asas Makeen will not receive any proceeds from the offering. Some SAR 4 mn will be deducted from the proceeds to cover transaction-related expenses.

Happening next week: The IPO subscription period will run between 19-25 May, with the minimum subscription set at 10 shares per qualified investor and the maximum at c. 500k shares. The final allocation will be announced by 28 May, while the final offer price is yet to be disclosed.

ADVISORS- Yaqeen Capital is acting as lead manager and financial advisor on the transaction, while RSM is the auditor. Receiving agents include Alistithmar Capital, Alinma Capital, SNB Capital, Aljazira Capital, Riyad Capital, ANB Capital, Derayah, Alrajhi Capital, BSF Capital, SAB Invest, AlKhabeer Capital, Sahm, and GIB Capital.

OTHER NOMU IPOs TO WATCH FOR IN 2025:

• Hawiya Auctions priced its Nomu IPO of a 12% stake at SAR 13 per share. The real estate marketing company stands to rake in SAR 31.2 mn in proceeds;
• Al Khaldi Logistics, Multi-sector operator Anmat, IT company Axelerated Solutions, restaurant operator Al Kuzama Trading, and school operator Dome International were the latest to issue prospectuses for the move;
• Meanwhile, Qudra for Communications and IT, the National Signage Industrial Company, Naf for Feed Industry, medical equipment supplier Wajd, and property developer Hammad Mohammed Bin Saedan Real Estate were given the CMA’s all-clear to list on the parallel market.