An aesthetic medicine clinic operator set to be Nomu’s first IPO of the year: Kesay Clinics, a Riyadh-based aesthetic medicine clinic operator, is floating 2 mn new shares — good for 5% of its IPO-capital of 40 mn shares — on Tadawul’s parallel market Nomu, according to its prospectus (pdf). The move, poised to be the first Nomu IPO of the year, comes a little over a month after the firm secured Capital Market Authority (CMA) approval.

SOUND SMART- Kesay is set to be the only pure-play aesthetic medicine clinic group on the parallel market. The closest listed peer is Basma Adeem Medical (Smile Care), operating a similar high-end clinic model focused on dentistry. Other Nomu-listed healthcare names skew toward broader medical services or medical supplies rather than elective cosmetic care.

Where will the money go? Kesay plans to use proceeds from the listing to expand its footprint through new medical complexes and upgrades to existing branches, with any surplus allocated to working capital. The group plans to open five new medical complexes across North, South, East, and West Riyadh, with an estimated cost of SAR 5-6 mn per branch.

The cap table: Major shareholder Sulaiman Hamad Al Yahia will maintain control with an 80.6% direct stake, while controlling another 9% as the administrator of the Sulaiman Hamad Al Yahia non-profit charitable endowment, giving him 89.6% voting control post-IPO. Major shareholders are subject to a 12-month lock-up from the start of trading on Nomu and will not receive any portion of the offering proceeds.

The timeline

Books open on Wednesday, 11 February and run until Sunday, 22 February, with final allocations due on 25 February. The offering structure allows a single qualified investor to subscribe for nearly the entire issuance, with a minimum allocation of 10 shares each.

Has Nomu’s rough stretch ended?

The NomuC index is up 1.38% YTD. After the gauge jumped 28% in 2024, the rally unraveled in 2025, with the benchmark sliding roughly 26% and shedding more than 8k points to end the year near 23.3k. The downturn triggered an unusually high number of cancelled listings, with five Nomu IPOs pulled due to incomplete offerings and a few others lapsing after their CMA approval windows expired — a clear sign investors have become far more selective.

ADVISORS- Estidamah Capital is quarterbacking the transaction as financial advisor, with Derayah Financial serving as lead manager. RSM and Alzoman, Alfahad & Alhajjaj Professional Services acted as auditors. Receiving agents include Alinma Capital, Alrajhi Capital, SNB Capital, BSF Capital, and Riyad Capital, among others.

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