{"id":95432,"date":"2025-03-19T00:00:00","date_gmt":"2025-03-19T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2025\/03\/19\/service-equipment-company-moves-forward-with-nomu-ipo\/"},"modified":"2025-03-19T00:00:00","modified_gmt":"2025-03-19T00:00:00","slug":"service-equipment-company-moves-forward-with-nomu-ipo","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2025\/03\/19\/service-equipment-company-moves-forward-with-nomu-ipo\/","title":{"rendered":"Service Equipment Company moves forward with Nomu IPO"},"content":{"rendered":"

The subscription period for <\/strong>Service Eq<\/a><\/strong>uipment<\/a><\/strong>Company<\/a><\/strong>\u2019s (SEC) Nomu IPO will begin <\/strong>next month<\/strong>, running from 13-17 April, according to SEC\u2019s prospectus (pdf)<\/a>. The automotive maintenance unit of Saudi conglomerate Balubaid Group<\/a> is limiting its offering to qualified investors, who will each be able to book a maximum of 119.9k shares and a minimum of 10 shares. The final allocation is slated for Tuesday, 22 April. The company lined up the Capital Market Authority\u2019s approval for a secondary offering of a 30% stake \u2014 good for 720k shares \u2014 in December<\/a> of last year.<\/p>\n

Post-IPO structure: <\/strong>SEC\u2019s largest shareholder, Ahmad Omar Abubakr Balubaid Holding, is selling down its position to 61.60% from 88% following the IPO. Omar Abubakr Balubaid Co. \u2014 the firm\u2019s only other shareholder \u2014 will see its interest reduced to 8.40%, down from 12%.<\/p>\n

Use of proceeds + lock-up: <\/strong>SEC\u2019s selling shareholders will rake in all of the proceeds from the sale of existing company shares \u2014 excluding some SAR 4 mn in IPO-related costs. Their shares will remain in lock-up for 12 months from the first day of trading. <\/p>\n

A snapshot of earnings: <\/strong>SEC\u2019s net income was up 11.73% y-o-y at SAR 7.62 mn in 1H 2024, according to the firm\u2019s latest unaudited results in the prospectus. The company\u2019s total sales saw a 5.38% y-o-y increase to SAR 26 mn over the same period.<\/p>\n

About SEC: <\/strong>Founded in 1980, the Jeddah-based company distributes and markets maintenance workshop equipment, car inspection tools, and oil and lubrication systems. Its offerings also extend to the wholesale and retail trading of industrial machinery and fuel station components, including fuel pumps and storage facilities.<\/p>\n

ADVISORS- <\/strong>Yaqeen Capital is quarterbacking the transaction as financial advisor and lead manager, with RSM acting as the accountant. Receiving agents include Derayah Financial, Alinma Investment, Al Rajhi Capital, SNB Capital, BSF Capital, Riyad Capital, ANB Capital, Alistithmar Capital, Albilad Capital, AlJazira Capital, GIB Capital, Alkhabeer Capital, SAB Invest, and Sahm Capital. <\/p>\n

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THE IPO PIPELINE AHEAD-<\/p>\n

Among the other Nomu listings to watch out for in 2025:<\/strong><\/p>\n