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Digital Research Company (DRC) priced its Nomu IPO at SAR 83 per share, the transaction’s financial advisor Value Capital said in a disclosure to Tadawul. The pricing will see selling shareholders lock in some SAR 28 mn in total proceeds, giving the firm a market cap of SAR 140.1 mn at listing, according to our calculations.
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REFRESHER- The market research, data analytics, and consulting firm is offering a 22.5% stake (337.5k shares) on the Nomu, composed of 150k existing shares and 187.5k newly issued shares. Existing shares included in the offering will be primarily pooled from the six majority shareholders who will be selling down their collective stake to 61.9% from 77.2%. Of the SAR 28 mn in IPO proceeds, SAR 2.6 mn are earmarked to cover IPO expenses. Net proceeds will be split between selling shareholders and the firm, with the firm committing its share of the proceeds towards financing the procurement of SAR 15 mn in operational assets
What’s next? Qualified investors can book shares between Monday, 25 November and Sunday, 1 December with a minimum subscription limit of 10 shares and a maximum of 84,360 shares apiece. The final allocation is slated for Wednesday 4 December and the first day of trading will be announced once all regulatory requirements have been met.
ADVISORS- Value Capital is quarterbacking the transaction as financial advisor and bookrunner. Receiving agents include SNB Capital, Al Rajhi Capital, BSF Capital, Alnima Investment, Riyad Capital, Aljazira Capital, Alistithmar Capital, Albilad Capital, ANB Capital, SAB Invest, Derayah, Yaqeen Capital, Alkhabeer Capital, and Sahm Capital.
