Rawabi Marketing prices IPO: FMCG and chemicals distributor Rawabi Marketing International (RMI) priced its IPO on Tadawul’s parallel market Nomu at SAR 35, according to a disclosure to Tadawul. The company stands to rake in SAR 35 mn in proceeds, giving it a market cap of SAR 542.6 mn at listing, according to our calculations.

ICYMI- The firm is offering 1 mn shares to fund its expansion plan, which centers on building two new warehouses in Dammam and Jeddah, according to its prospectus (pdf).

What’s next? Subscriptions are set to run from Wednesday, 27 August to Wednesday, 3 September, during which qualified investors will be able to book up to 775k shares each, with the minimum limit set at 10. Final allocations will be made on Sunday, 7 September. RMI’s shareholders will not receive any proceeds; their holding will be diluted to a combined 58.6% stake, down from 62.6%, with a 12-month lockup period.

A snapshot of its latest financials: RMI’s net income fell 40.3% to SAR 11 mn in 9M 2024 on higher costs, while its revenue rose 7.8% to SAR 438.5 mn.

ADVISORS- Derayah Financial is acting as the lead manager on the transaction, while Watheeq Capital is the financial advisor. Alsaleh, Alsahli and Partener Law Firm is providing counsel, and Maham Professional Consulting is the auditor.

Receiving agents include EFG Hermes, Alinma Capital, BSF Capital, Alrajhi Capital, Albilad Capital, Riyad Capital, SNB Capital, Sahm, Musharaka, Yaqeen, Alistithmar Capital, Alkhabeer Capital, Aljazira Capital, Awaed, and Derayah.

ALSO IN THE NOMU PIPELINE- Medical equipment supplier Wajd and Nayomi brand operator Jamjoom Fashion Trading were the latest to issue a prospectus for their Nomu IPOs, while Hammad Mohammed Bin Saedan Real Estate and the National Signboards Company for Industry (SignWorld) have recently priced their offering. Meanwhile, Alwazn Almithaly for Trading, Qudra for Communications and IT, and Afaq Al Arabiya for Transportation and Storage, have lined up the Capital Market Authority’s approval to IPO on Nomu.

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