{"id":91595,"date":"2024-11-17T00:00:00","date_gmt":"2024-11-17T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/11\/17\/al-fakhera-mens-tailoring-nomu-ipo-was-2-7x-oversubscribed\/"},"modified":"2024-11-17T00:00:00","modified_gmt":"2024-11-17T00:00:00","slug":"al-fakhera-mens-tailoring-nomu-ipo-was-2-7x-oversubscribed","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/11\/17\/al-fakhera-mens-tailoring-nomu-ipo-was-2-7x-oversubscribed\/","title":{"rendered":"Al Fakhera Men\u2019s Tailoring Nomu IPO was 2.7x oversubscribed"},"content":{"rendered":"

Thobe-maker and clothing retailer Al Fakhera Men\u2019s Tailoring priced its<\/strong> Nomu IPO at the <\/strong>top of the <\/strong>guidance range<\/a><\/strong> at <\/strong>SAR 6 apiece<\/strong>, with the offering 2.7x oversubscribed, lead advisor Yaqeen Capital said in a Tadawul filing<\/a>. The final pricing sees Al Fakhera raising SAR 36 mn in proceeds, giving it a market cap of SAR 180 mn at listing, according to EnterpriseAM Saudi calculations. <\/p>\n

(** Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/p>\n

REFRESHER- <\/strong>The Riyadh-based retailer is selling a 20% stake<\/a> on Tadawul\u2019s parallel market Nomu in a primary offering. Proceeds from the sale will go towards buying new assets and shoring up working capital after IPO-related expenses are covered. Shareholders will not pocket any of the offering\u2019s proceeds. <\/p>\n

Post-IPO structure + lockup:<\/strong> The company\u2019s substantial shareholders, Suleiman Hammad Al Yahya and the Sulaiman Al Hamad Al Yahya Islamic Charitable Endowment, will see their combined ownership diluted from a 95.0% stake to 79.2% post-IPO. They will not be able to sell down their positions for a 12-month period from the first day of trading. Minority shareholders will see their positions reduced on a pro rata basis.<\/p>\n

Where we\u2019re at in the process: <\/strong>Excess funds will be refunded by tomorrow, following the final allocation of shares which took place last Thursday. <\/p>\n

ADVISORS-<\/strong> Yaqeen Capital is quarterbacking the transaction as financial advisor, lead manager and underwriter, with Monsfoon providing counsel to the issuer and RSM acting as auditor. Receiving agents include Yaqeen Capital, Al Rajhi Capital, AlBilad Capital, Riyadh Capital and Al Ahli Capital, Istithmar Capital and Alinma Investment, among others.<\/p>\n","protected":false},"excerpt":{"rendered":"

Final shares allocation wrapped up on Thursday<\/p>\n","protected":false},"author":1,"featured_media":91596,"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":[2419,10,29,369,2452],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-91595","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ipo-watch","tag-capital-markets","tag-enterpriseam-ksa","tag-ipo-watch","tag-nomu","tag-tadawul","wpautop","entry"],"acf":{"mongo_id":"51b0f6be-988f-4b3a-b016-3563075cd1b6","order":"6","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/7\/1196.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Al Fakhera Men\u2019s Tailoring Nomu IPO was 2.7x oversubscribed","related_issue":[91584],"teaser":"Final shares allocation wrapped up on Thursday","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/11\/.0dca5f16-9458-49d8-983e-4cd3c175a94a.mp3"},"yoast_head":"\nAl Fakhera Men\u2019s Tailoring Nomu IPO was 2.7x oversubscribed - 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