Local contractor Multi Business Group (MBG) priced its Nomu IPO at the top of the guidance range at SAR 15 per share, with the offering 2.65x oversubscribed, lead advisor Amwal Capital said in a disclosure to Tadawul. The final pricing sees MBG raising SAR 45 mn in proceeds and gives the company a market cap of SAR 225 mn at listing, according to EnterpriseAM Saudi calculations.

REFRESHER- The group is taking a 25% stake to Tadawul’s parallel market Nomu. Net proceeds from the transaction will go towards stocking up on building materials retail inventory and shoring up working capital after some SAR 2.8 mn are set aside for offering-related expenses.

ADVISORS- Amwal Financial is quarterbacking the transaction as financial advisor, with AlMaghthawi & Partners providing counsel. Derayah is the lead manager. Receiving agents include Alinma Investment, AlRajhi Capital, SNB Capital, BSF Capital, Riyad Capital, ANB Capital, and Alistithmar Capital, among others.

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