Naf prices Nomu IPO at SAR 76

Naf for Feed and Industries priced its Nomu IPO at SAR 76 per share, according to a disclosure to Tadawul. The company stands to raise some SAR 30.4 mn in proceeds, implying a market cap of SAR 152 mn at listing, according to our calculations.

ICYMI- The animal feed production company is floating a 20% stake, or 400k shares, in a secondary offering on the Nomu parallel market. The three selling shareholders will rake in net proceeds from the sale, after some SAR 2.5 mn are used to cover IPO-related expenses.

What’s next: The subscription period will run from 22-26 June, during which qualified investors will be able to book between 10 and 90k shares each. Final allocations are slated for Monday, 30 June.

After the IPO: The selling shareholders will see their positions reduced to a combined 80% stake, down from 100%, while retaining majority control. Their shares will remain on lockup for 12 months since the first day of trading.

ADVISORS- Team One is quarterbacking the transaction as financial advisor, with Derayah Financial acting as lead manager. RSM served as legal accountant. Receiving agents include Alistithmar Capital, Alinma Investment, SNB Capital, Albilad Capital and Al Rajhi Capital among others.

ALSO IN THE NOMU PIPELINE-

• Time Entertainment will ring the opening bell on Nomu in just a couple of hours;
• Hawiya Auctions ’s secondary offering was 3x oversubscribed;
• 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.