{"id":91233,"date":"2025-12-23T00:00:00","date_gmt":"2025-12-23T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/?p=91233"},"modified":"2025-12-28T02:02:17","modified_gmt":"2025-12-28T02:02:17","slug":"kdl-logistics-defies-nomu-cold-streak-with-narrowly-covered-ipo-2","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2025\/12\/23\/kdl-logistics-defies-nomu-cold-streak-with-narrowly-covered-ipo-2\/","title":{"rendered":"KDL Logistics defies Nomu cold streak with narrowly covered IPO"},"content":{"rendered":"

KDL Logistics is moving forward with its IPO on Nomu \u2014<\/strong> seemingly unfazed by a cold streak that saw multiple listings canceled this year.<\/p>\n

The institutional tranche was 102% covered by qualified investors at <\/strong>at SAR 23 apiece<\/a><\/strong>, <\/strong>according to a bourse disclosure<\/a>.<\/p>\n

BACKGROUND- <\/strong>The company is taking a 20% stake to the parallel market in a secondary offering<\/a>, which will see the selling shareholder rake in SAR 16.1 mn in proceeds (excluding IPO expenses).<\/p>\n

Our take- <\/p>\n

An oversubscribed listing, even by a tight margin, could be seen as a good sign<\/strong>, given the current market conditions \u2014 the Kingdom saw five Nomu IPOs cancelled<\/a> this year. <\/p>\n

Strong fundamentals in the logistics sector could enhance KDL\u2019s chances. <\/strong>Total investments in the sector exceeded SAR\u202f280 bn (USD\u202f74.7\u202fbn)<\/a> since the sector\u2019s national strategy launched in 2021, contributing 6.2% to the Kingdom\u2019s GDP, Transport Minister Saleh Al Jasser said earlier this month. Global supply giants are betting on Saudi Arabia, including DHL, which recently earmarked EUR 130 mn<\/a>(SAR 561 mn)<\/a> for building a new Riyadh logistics hub.<\/p>\n

BUT- The headwinds could be too strong: <\/strong>Nomu\u2019s benchmark index is down over 26% YTD, and shares of logistics players lost big this year on both the main and the parallel markets. Tadawul-listed SAL Saudi Logistics Services \u2014 the most recent pure-play logistics debut before KDL \u2014 shed 32.7% since the year began, while Sadr Logistics is down 16.7% and Nomu-listed Munawala Cargo is down 44.8%.<\/p>\n

ADVISORS- <\/strong>Arbah Capital is serving as financial advisor and bookrunner for the IPO, with Maham signing off as the external auditor.<\/p>\n","protected":false},"excerpt":{"rendered":"

The subscription period was extended by almost two 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