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Medical equipment supplier Wajd Life Trading Company sets its indicative price range at SAR 5.50-5.70 per share for its IPO on Tadawul’s parallel market Nomu, the financial advisor and book runner Yaqeen Capital said in a Tadawul disclosure yesterday. The issuance will be equivalent to 20% of the issued share post-IPO capital. The top of the range would allow Wajd to raise SAR 14.3 mn in proceeds, giving it a market cap of SAR 71.3 mn at listing, according to our calculations.The final offering price will be determined after the book-building process is completed on Thursday.
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ICYMI-The company received the Capital Market Authority greenlight in March to float 2.5 mn shares on Nomu in a secondary offering, according to its prospectus.The proceeds from the offering will be earmarked for financing Wajd’s growth plans, including expanding its footprint, improving its operational efficiency, and bolstering its financials.
IPO timeline: Subscriptions will run for five days, from next Sunday until Thursday, 4 September, with the IPO limited to qualified investors. Investors will be able to book between 100 and 624.9k shares each. The final allocation of shares is scheduled for Tuesday, 9 September, while refunds are scheduled for Thursday, 11 September.
About Wajd: Founded in 2013, the company operates in medical and non-medical services, supplying and importing equipment, spare parts, and maintenance. It is officially licensed by the Saudi Food and Drug Authority (SFDA).
ADVISORS- Yaqeen Capital is quarterbacking the transaction as the company’s financial advisor and lead manager. Our friends at EFG Hermes KSA, along with Derayah Financial, Alinma Capital, Al Rajhi Capital, SNB Capital, BSF Capital, Riyad Capital, Alibilad Capital, AlJazira Capital, Alistithmar Capital, ANB Capital, Alkhabeer Capital, SAB Invest, Sahm Capital, GIB Capital, Musharaka Capital, and Awaed Alosool Capital are all receiving agents.
