Medical equipment supplier Wajd Life is taking a 25% stake (2.5 mn shares) to Tadawul’s parallel market Nomu in a secondary offering, it said in its prospectus (pdf). The issuance will be equivalent to the firm’s post-IPO capital. The pricing of the offering has yet to be announced. Wajd had secured regulatory approval for the Nomu debut back in March.

Who’s selling? The firm’s four majority shareholders will collectively retain an 80% stake in the post-IPO structure, down from 100% stake pre-IPO. The proceeds from the offering will be earmarked for financing Wajd’s growth plans, including expanding its footprint, improving its operational efficiency, and bolstering its financials.

The timeline: Subscriptions will run for five days, from 31 August through to 4 September, with the IPO limited to qualified investors. Investors will be able to book between 100 and 624.9k shares each. The final allocation of shares is scheduled for 9 September, while refunds are scheduled for 11 September.

About Wajd: Founded in 2013, the company operates in medical and non-medical services, supplying and importing equipment, spare parts, and maintenance. It is officially licensed by the Saudi Food and Drug Authority (SFDA).

Advisors: Yaqeen Capital is quarterbacking the transaction as the company’s financial advisor and lead manager. Our friends at EFG Hermes KSA, along with Derayah Financial, Alinma Capital, Al Rajhi Capital, SNB Capital, BSF Capital, Riyad Capital, Alibilad Capital, AlJazira Capital, Alistithmar Capital, ANB Capital, Alkhabeer Capital, SAB Invest, Sahm Capital, GIB Capital, Musharaka Capital, and Awaed Alosool Capital are all receiving agents.

ALSO IN THE NOMU PIPELINE- The Capital Market Authority has most recently cleared Nayomi brand operator Jamjoom Fashion Trading, online supplement store Alwazn Almithaly for Trading, along with two new equity funds to list on the parallel market. Qudra for Communications and IT, and property developer Hammad Mohammed Bin Saedan Real Estate had also lined up the regulator's approval earlier to IPO on Nomu. Sign World also issued its prospectus last month.

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