{"id":86424,"date":"2024-05-22T00:00:00","date_gmt":"2024-05-22T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/05\/22\/neft-alsharq-could-raise-up-to-sar-18-mn-from-its-nomu-ipo\/"},"modified":"2024-05-22T00:00:00","modified_gmt":"2024-05-22T00:00:00","slug":"neft-alsharq-could-raise-up-to-sar-18-mn-from-its-nomu-ipo","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/05\/22\/neft-alsharq-could-raise-up-to-sar-18-mn-from-its-nomu-ipo\/","title":{"rendered":"Neft Alsharq could raise up to SAR 18 mn from its Nomu IPO"},"content":{"rendered":"

Car oil manufacturer <\/strong>Neft <\/strong>Alsharq is guiding on a price range of SAR <\/strong>3.00-3.60<\/strong> per<\/strong> share for its IPO on parallel market Nomu<\/strong>, according to a filing to the exchange<\/a>. The offering represents 20% of the company\u2019s shares post-listing.<\/p>\n

Background: <\/strong>The company is taking a 20% stake to market<\/a> in an offering that is only open to qualified investors. Investors can place orders for a maximum of 1.2 mn shares, and a minimum of 100 shares each.<\/p>\n

Proceeds + market cap: <\/strong>At the top of the range, the offering would see the company raise SAR 18 mn and lock-in a market cap of 90 mn at the start of trading, according to our calculations. Some SAR 2 mn of the proceeds will be channeled towards covering the offering\u2019s expenses, while the rest is earmarked to support the company\u2019s growth and working capital needs.<\/p>\n

The timeline:<\/strong> Qualified investors can place orders from Sunday, 26 May, through Sunday, 2 June. The final allocation of shares is slated for Thursday, 6 June.<\/p>\n

ADVISORS- Yaqeen Capital<\/strong> is serving as the financial advisor and lead manager on this IPO with RSM as the legal accountant. The receiving agents are Alistithmar Capital, Alnima Investment, SNB Capital, AlJazira Capital, Riyad Capital, ANB Capital, Albilad Capital, AlRajhi Capital, Derayah, and Saudi Fransi Capital.<\/p>\n","protected":false},"excerpt":{"rendered":"

The offering could give the company a SAR 90 mn market cap post-listing.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2542],"tags":[2419,10,29,1485,369,2452],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-86424","post","type-post","status-publish","format-standard","hentry","category-ipo-watch","tag-capital-markets","tag-enterpriseam-ksa","tag-ipo-watch","tag-neft-alsharq","tag-nomu","tag-tadawul","wpautop","entry"],"acf":{"mongo_id":"d1ec107a-77b4-4efb-a95e-4d60c2bac0b8","order":"8","is_powered_by":false,"story_type":"1","photo_url":"","photo_position":"above","homepage_title":"","full_issue_title":"Neft Alsharq kicks off its IPO book-building process next week with a price range that could raise up to SAR 18 mn","related_issue":[86409],"teaser":"The offering could give the company a SAR 90 mn market cap post-listing.","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/5\/.e6116e04-6b7c-4bb4-82bd-235b3c26343d.mp3"},"yoast_head":"\nNeft Alsharq could raise up to SAR 18 mn from its Nomu IPO - 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