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Shares of Al Modawat Specialized Medical fell 5% yesterday in their first day of trading on Nomu, Tadawul’s parallel market. Al Modawat closed at SAR 105.40 from an opening price of SAR 120.00
ICYMI- The healthcare player sold a 20% stake earlier this month to qualified investors, offloading 475k shares as SAR 111 apiece.
ADVISORS-Yaqeen Capital quarterbacked the transaction as lead manager and financial advisor, while Talal Abu Ghazaleh (TAGI) was auditor.
This is the third IPO on Nomu this year after Pan Gulf Marketing and WSM Information Technology made the leap earlier this month. PGM took a 12% stake to market, while WSM Information Technology sold a 20% stake.
UPGRADE TO TADAWUL?
Sure Global Tech could be graduating from parallel market Nomu to main market Tadawulsoon, according to a disclosure to Tadawul. The upgrade is still subject to regulatory approvals and contingent on meeting the requirements for listing on the main market.
