Asas Makeen’s Nomu IPO was 19.5x oversubscribed ahead of listing

Property developer Asas Makeen for Development and Real Estate Investment’s Nomu secondary offering was 19.5x oversubscribed, according to a filing to Tadawul. The subscription period, which wrapped up earlier this week, reeled in strong demand from qualified investors at the final IPO price, booking SAR 1.6 bn in orders. Final allocations took place yesterday.

REFRESHER- The company priced its Nomu IPO of a 10% stake at SAR 80 per share, which could see it raise some SAR 80 mn in proceeds, implying a market cap of SAR 800 mn at listing.

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.

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.
• Axelerated Solution’s offering was 208% oversubscribed by qualified investors;
• Dome International extended its subscription period to Sunday, 1 June.
• 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.