Khaled Dhafer & Brother’s Logistics Services Company (KDL Logistics) is floating a 20% stake on Tadawul’s parallel market Nomu through a secondary offering of 700k shares, it said in its prospectus (pdf). The move will see the firm’s founding family members sell down their position to a combined 80% stake, thereby raking in all the proceeds from the sale. This comes a month after the IPO-hopeful secured Capital Market Authority (CMA) approval for its debut.

Breaking a dry spell for logistics IPOs: KDL Logistics will be the first pure-play logistics player to go public in the Kingdom since SAL Saudi Logistics Services ’ 2023 main market debut, and the first in the segment to list on Nomu since fast delivery app Jahez’s 2022 offering. Other Nomu entrants such as Al Ashghal Almoysra and Alshehili Company, which both IPO-ed last year, operate in contracting and industrial manufacturing, respectively, and only provide logistics support services as part of broader business lines.

IN CONTEXT- The offering lands in a market that’s showing increased selectivity and uneven appetite, with Al Khaldi Logistics scrapping its planned offering in June, the second Nomu withdrawal that month after Dome International shelved its 14.5% stake sale. Meanwhile, Jahez, which debuted on Nomu before moving to the main market last year, saw 1Q net income surge 185% y-o-y to SAR 33.3 mn, showing investor preference for profitable, tech-led logistics plays despite the quieter pipeline.

Subscriptions open next month: The offering will be limited to qualified investors with subscriptions running from Sunday, 30 November, to Wednesday, 3 December, during which they can apply to a maximum of 175k shares each with the lower limit set at 10. Final allocations are due Monday, 8 December. Share of the sellers will be on lockup for a period of 12 months from the first day of trading.

Earnings snapshot: KDL Logistics’ net income fell 13.5% y-o-y to SAR 1.9 mn in 1Q 2025, while revenue increased 18.4% y-o-y to SAR 17.1 mn.

ADVISORS- Arbah Capital is quarterbacking the IPO as financial advisor and bookrunner, with Maham signing off as external auditor. Receiving agents include Al Rajhi Capital, SNB Capital, Alinma Capital, Riyad Capital, Anb Capital, BSF Capital, and Albilad Capital, among others.

About KDL: Founded in 1980, the Riyadh-based company provides end-to-end logistics, transport, and supply-chain services. Its core operations span land freight, warehousing, customs clearance, container handling, and project logistics across industrial zones and ports in the Kingdom. The company operates a fleet of trucks and storage facilities with clients in manufacturing, construction, and trade.

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