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Horizon Educational priced its Nomu IPO at the top of its indicative price range, setting the final price at SAR 54 per share, according to a filing to Tadawul. The Riyadh-based school operator’s offering was6.8x oversubscribed, it said in the filing. There is no publicly available information on when the company will ring the opening bell on the exchange.
Background: The company is taking a 20% stake to Tadawul’s parallel market Nomu by issuing 500k new shares to finance its expansion plans, acquire new branches, and ramp up its campus capacities.
Proceeds + market cap: The final price would allow the company to raise SAR 27 mn in IPO proceeds, and would give it a post-IPO market cap of SAR 135 mn, according to our calculations. Issuers on Nomu are required to have a minimum post-listing market cap of SAR 10 mn, while issuers on main market Tadawul must meet a minimum of SAR 300 mn post-listing market cap.
ADVISORS- Yaqeen Capital is quarterbacking the transaction as financial advisor and lead manager, while RSM is providing counsel. Receiving agents include Alistithmar Capital, Alinma Investment, SNB Capital, AlJazira Capital, Riyadh Capital, ANB Capital, Albilad Capital, Al Rajhi Capital, Derayah, and Saudi Fransi Capital.
