Al Ashghal Al Moysra’s Nomu IPO was 4.3x covered

Contractor Al Ashghal Al Moysra’s Nomu offering was 4.3x covered, according to a filing to Tadawul. The company has priced its shares at the top of the range for SAR 50 a piece, which could see it raise up to SAR 24 mn in IPO proceeds, and give it a post-listing market cap of SAR 120 mn, according to our calculations.The subscription period for qualified investors wrapped up last week.

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What’s next? The final allocation of shares is set to take place today.

REFRESHER- The company is taking a 20% stake to market in a secondary offering. Proceeds from the sale will go directly to the selling shareholders after some SAR 3.2 mn are used to cover IPO-related expenses.

ADVISORS- Yaqeen Capital is serving as the financial advisor and lead manager, while Al Rajhi Capital, Riyad Capital, Alinma Investment, AlJazira Capital, Alawwal Invest, Derayah Financial, Saudi Fransi Capital, SNB Capital, Alistithmar Capital, Albilad Capital, ANB Capital are all receiving agents.