Naf issues prospectus for Nomu IPO: Naf for Feed and Industries is floating a 20% stake on Tadawul’s parallel market Nomu in a secondary offering, according to its prospectus (pdf). Some 400k shares will be up for grabs in an offering limited to qualified investors. The company lined up Capital Market Authority approval for the move in March.

What’s next: The subscription period will run from 22-26 June, during which qualified investors will be able to book between 10 and 90k shares each. Final allocations are slated for Monday, 30 June.

Selling parties retain reins + returns: Naf’s three selling shareholders will take home all of the proceeds from the sale, after deducting SAR 2.5 mn to cover IPO-related expenses. They are selling down their positions to a combined 80% stake, down from 100%, retaining majority control. Their shares will remain on lockup for 12 months from the first day of trading.

A snapshot of Naf’s financials: Naf’s net income grew c. 3.6x y-o-y to SAR 9.2 mn in 9M 2024. Revenues were up nearly 2.6x y-o-y to SAR 120.7 mn over the same period.

About the company: Founded in 2015, the Qassim-based company specializes in the production of animal feed products including compound feed, poultry feed, and milk substitutes, along with salt blocks and non-medicinal feed additives, according to the prospectus.

ADVISORS- Team One is quarterbacking the transaction as financial advisor, with Derayah Financial acting as lead manager. RSM served as legal accountant. Receiving agents include Alistithmar Capital, Alinma Investment, SNB Capital, Albilad Capital and Al Rajhi Capital among others.

ALSO IN THE NOMU PIPELINE-

Tags: