Anmat prices Nomu IPO at SAR 9.5 per share

Anmat priced its IPO on Tadawul’s parallel market Nomu at SAR 9.5 per share, according to a filing to Tadawul. The multi-sector firm is set to raise SAR 47.5 mn from the sale of 5 mn new shares, giving the company a market cap of SAR 408.5 mn at listing, based on our calculations.

REFRESHER- The company is offering a 11.6% stake on Nomu as it seeks to shore up capital to finance two of its already-awarded projects that are expected to cost SAR 45 mn. Some SAR 2.5 mn of total proceeds are earmarked to cover transaction-related costs. The company’s two substantial shareholders will retain 88.4% ownership post-IPO, down from 100%, and will not receive any proceeds from the offering.

What’s next: The subscription window runs from this Thursday, 22 May until next Tuesday, 27 May, during which qualified investors can subscribe for up to 2 mn shares each, with a minimum order size of 100 shares. Final allocations are expected to be announced on Sunday, 1 June.

ADVISORS- Merchant’s Capital is quarterbacking the transaction as financial advisor, with Alinma Capital serving as lead manager on the transaction. RSM is serving as an independent auditor. Receiving agents include Al Jazira Capital, Albilad Capital, Alkhabeer Capital, and ANB Capital, among others.

ALSO IN THE PIPELINE:

• Hawiya Auctions, Asas Makeen, Dkhoun, Axxelerated Solutions, Al Khaldi Logistics, Adeer Real Estate, and Dome International were the latest to price their Nomu IPOs;
• Al Kuzama Trading is guiding on a price range of SAR 99-107 per share;
• Meanwhile, Qudra for Communications and IT, the National Signage Industrial Company, Naf for Feed Industry, medical equipment supplier Wajd, and property developer Hammad Mohammed Bin Saedan Real Estate were given the CMA’s all-clear to list on the parallel market.