Hamad Mohammed Bin Saedan Real Estate priced its Nomu IPO at SAR 13.5 per share, the offering’s financial advisor Merchants Capital said in a Tadawul disclosure on Thursday. The company is poised to raise some SAR 57.2 mn in proceeds, implying a market cap of SAR 381.2 mn at listing, according to our calculations.

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REMEMBER- Bin Saedan is gearing up to sell 17.64% of its pre-IPO capital (good for 4.2 mn shares) on Tadawul’s parallel market. The company issued its prospectus earlier this month, following the Capital Market Authority’s approval in March.

Use of proceeds: The company will use the offering’s net proceeds — after deducting SAR 3.5 mn in costs — to finance its expansion plans and future projects, whose total value is estimated at SAR 53.7 mn. The real estate player plans to top up the IPO proceeds with its own liquidity and additional financing to fund expansion plans if needed. Any surplus proceeds will be allocated to its working capital. Current shareholders will not receive any proceeds from the offering.

Subscription timeline: Qualified investors can subscribe to a minimum of 10 shares and a maximum of 1.4 mn shares each over a seven-day subscription window, which starts on Friday, 29 August and wraps up Thursday, 4 September. The final allocation of shares will take place on Monday, 8 September, with the surplus being refunded by Wednesday, 10 September.

ADVISORS- Alinma Capital is acting as the lead manager on the transaction, Merchants Capital is serving as the financial advisor, and AlShareef & Partners is providing counsel.

Receiving agents include Alinma Capital, AlJazira Capital, Albilad Capital, Alkhabeer Capital, ANB Capital, Al Rajhi Capital, BSF Capital, Derayah Financial, GIB Capital, Alistithmar Capital, Riyad Capital, Sab Invest, Sahm Capital, SNB Capital, and Yaqeen Capital.

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