IT services firm Axelerated Solutions saw its Nomu IPO 208% oversubscribed by qualified investors during the subscription period, which wrapped up last week, according to a disclosure to the exchange. The final allocation of shares is scheduled for today, while the listing date is yet to be confirmed. The firm is floating 10.7% of its post-IPO capital.

Axelerated Solutions priced its offering at SAR 27 apiece, which saw it raise SAR 81 mn, giving it a market cap of SAR 756 mn at listing. Some SAR 3.8 mn of the proceeds will be used to cover IPO-related expenses, while the remainder is earmarked to support the firm’s expansion across the Kingdom.

ADVISORS- Value Capital is quarterbacking the transaction as 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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