Time Entertainment sets Nomu IPO price range at SAR 76-80 apiece

Event organizer Time Entertainment Company is guiding on a price range of SAR 76-80 per share for its Nomu IPO of a 20% stake (good for 200k shares), according to a filing to Tadawul. At the top of the range, the selling shareholders stands to rake in SAR 16 mn in proceeds, implying a market cap of SAR 80 mn at listing.

This is a secondary offering, meaning that the four selling shareholders will take home all of the proceeds from the sale on a pro-rata basis, after some SAR 2.4 mn are set aside to cover IPO-related expenses. Selling shareholders will remain on lockup for 12 months from the first day of trading.

What’s next? Subscriptions open today and will run until Sunday, 1 June, during which qualified investors can book between 10-49.9k shares each. The final allocation is slated for Tuesday, 3 June.

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.

ALSO IN THE NOMU PIPELINE-

• Al Kuzama Trading ’s offering was 108.4% covered, pricing it at SAR 107 per share — the top of the range it was guiding on.
• Asas Makeen’s wrapped up subscriptions for its Nomu IPO earlier this week;
• Axxelerated Solution’s offering was 208% oversubscribed by qualified investors;
• Naf for Feed and Industries recently issued a prospectus to float a 20% stake;
• Anmat, Hawiya Auctions, Dkhoun, Al Khaldi Logistics, Adeer Real Estate, and Dome International were the latest to price their Nomu IPOs;
• Meanwhile, Qudra for Communications and IT, the National Signage Industrial Company, 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.