Adeer Real Estate priced its upcoming Nomu IPO of a 20% stake (1 mn shares) at SAR 85 per share, it said in a prospectus (pdf). The company lined up the Capital Market Authority’s approval for the move in December.

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Market cap + proceeds: The pricing sees the offering raising some SAR 85 mn in proceeds, bringing the company’s market capital to SAR 425 mn at listing, according to EnterpriseAM calculations. Of the proceeds, SAR 2.5 mn will go towards covering IPO-related expenses, while the rest will be distributed among the selling shareholders.

IPO timeline: The offering period will run from Sunday, 4 May to Thursday, 8 May. Qualified investors can subscribe to a minimum of 10 shares and a maximum of 250k shares. Final shares allocation is expected by 12 May, and surplus refunds are set to be executed within the next three business days.

Post-IPO structure + lockup: The company’s five substantial shareholders will see their combined ownership diluted to 80% from 100%, while Sumou Investment’s stake is expected to decline to 60% from 75%. They will not be able to sell their shares for a 12-month period starting from the first day of trading.

Earnings snapshot: Adeer reported a net income of SAR 38.5 mn in 1H 2024, up from SAR 27.8 mn in 1H 2023. The company logged SAR 69.7 mn in revenues during the same period, up from SAR 46.1 mn. 2023 closed out with SAR 50.3 mn in net income and SAR 108.4 mn in revenues.

ADVISORS- Musharaka Financial Company is quarterbacking the transaction as lead financial advisor and bookrunner, while Alsaleh, Alsahli & Partners Law Firm is providing legal counsel. Receiving agents include AlRajhi Capital, Derayah Financial, Alistithmar Capital, Albilad Capital, BSF Capital, Riyad Capital, SAB Invest, ANB Capital, Alinma Capital, AlJazira Capital, Yaqeen Capital, AlKhabeer Capital, Sahm Capital, GIB Capital, and SNB Capital.

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