Mufeed’s Nomu IPO was 5x oversubscribed, with shares going at SAR 77 a piece

Riyadh-based event planner Mufeed’s Nomu offering was 5x oversubscribed at SAR 77 per share, according to a filing to Tadawul from the offering’s financial advisor and lead manager Value Capital. The final pricing will see Mufeed raise up to SAR 46.2 mn in IPO proceeds, giving the firm a market cap of SAR 508.2 mn at listing, according to EnterpriseAM Saudi calculations. The subscription period for qualified investors wrapped up earlier this week.

What’s next? The final allocation is set for today, with refunds taking place by Monday, 18 November.

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REFRESHER- Mufeed is taking a 10% stake to Tadawul’s parallel market Nomu, with proceeds from the sale going towards hiking the company’s capital to SAR 6.6 mn — up from a current SAR 6 mn — after some SAR 2.7 mn are set aside to cover the offering’s costs. Proceeds will also contribute to financing some of the firm’s expansion plans. Meanwhile, none of the proceeds will be distributed to shareholders.