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Production and event planning company Mufeed is selling a 10% stake (600k shares) on Tadawul’s parallel market Nomu, according to a prospectus (pdf).
Use of proceeds: Some SAR 2.7 mn of the proceeds will be allocated to cover costs related to the offering, while the remaining amount is earmarked to hike the company’s capital to SAR 6.6 mn, up from the current 6 mn. This is in addition to financing some of Mufeed’s expansion plans. None of the proceeds will be distributed to shareholders.
Lock up period: Substantial shareholders will be prohibited from executing any orders on their shares for 12 months after trading begins.
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Qualified investors can subscribe to 100% of the offering starting Sunday, 3 November, until Monday, 11 November. Each investor can subscribe to a minimum of 10 shares, and a max of 323k each. The final allocation of shares is slated for Thursday, 14 November, while refunds (if any) will take place on Monday, 18 November 2024.
Mufeed’s latest earnings: The company’s bottom line rose 74% y-o-y to SAR 58.3 mn in 2023, and revenues increased 67% y-o-y SAR 179 mn.
Founded in 2009, Mufeed operates five specialized subsidiaries — Evex, I-Focus, Innov8, White Light, and SCurve — offering comprehensive event management and organization services. Their expertise spans documentation, photography, TV production, broadcasting, and marketing campaigns. Additionally, they manage ticketing, exhibitions, and conferences.
ADVISORS- Value Capital is the lead manager, financial advisor, bookrunner, and underwriter on the transaction, while El Ayouty & Partners (Moore) is acting as auditor. Receiving agents include SNB Capital, Al Rajhi Capital, BSF Capital, Alinma Investment, Riyadh Capital, Al Jazira Capital, and Alistithmar Capital, among others.
