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Books opened yesterday for Alwazn Almithaly’s Nomu IPO, with the company guiding on a price range of SAR 75-78 per share, Tadawul said in a post on X. The subscription period will run until 9 December, with qualified investors able to place orders for up to 150.49k shares each and a minimum of 10, according to the prospectus. Final allocations are due on 14 December. The supplements retailer is taking a 15% stake to market in a secondary share sale.
Proceeds + market cap: The top of the range should see the Riyadh-based supplements retailer raise up to SAR 35.2 mn in IPO proceeds, implying a market cap of SAR 234.8 mn at listing, according to our calculations.
SOUND SMART- Price discovery is unusual for Nomu IPOs: Unlike most Nomu listings, which typically skip price discovery and list at a fixed price due to the market’s lighter-touch bookbuilding rules, Alwazn Almithaly opted to run a full price range. This suggests the company is seeking clearer valuation signals before launch to help anchor pricing for a relatively small float which can support more orderly trading after listing.
Where it ranks among its peers: At SAR 35.2 mn, Alwazn Almithaly’s float sits mid-pack among this year’s Nomu listings by proceeds raised, ranking around 14th out of 26 completed offerings. It slots just above HawyiaAuctions (SAR 31.2 mn) and Shmoh Almadi (SAR 30.8 mn), and below Alshehili (SAR 40 mn) and HKC Ceramics (SAR 41.6 mn).
ADVISORS- Alkhair Capital is quarterbacking the transaction as the lead manager and financial advisor, with ZH Partners providing counsel. Receiving agents include our friends at EFG Hermes alongside SNB Capital, Yaqeen Capital, ANB Capital, Alkhabeer Capital, Sab Invest, Alinma Capital, Derayah Financial, Alistithmar Capital, Al Jazira Capital, Riyad Capital, BSF Capital, Albilad Capital, Sahm, GIB Capital, Alrajhi Capital, Awaed, and Musharaka.
ALSO IN THE NOMU PIPELINE- The CMA approved Quality Education Company’s request to list a 20% stake on Nomu earlier in June. The regulator had also signed off on Afaq Al Arabiya for Transportation and Storage and Qudra for Communications and IT ’s IPOs in March, though the approvals have likely expired, as they are valid for only six months.
