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Homegrown Al Battal Factory for Chemical Industries priced its Nomu IPO at SAR 63 apiece — the top of the range it was guiding on — after its institutional offering was 2.04x oversubscribed, according to a statement to Tadawul. The chemical manufacturer is listing 20.1% stake of its total shares (3.3 mn) post-IPO on Tadawul’s parallel market Nomu.
Proceeds + market cap: The offering price would allow the company to raise up to SAR 42.2 mn in proceeds, while it implies a market cap of SAR 210.1 mn at listing, according to EnterpriseAM calculations. Net proceeds from the sale will be directed toward financing Al Battal’s working capital.
REFRESHER- Some 670k shares — equally split between newly issued and existing stocks — will be up for grabs. The company’s two substantial shareholders will see their ownership diluted to a combined 52% stake post-offering, down from their current 65.1%.
ADVISORS- Yaqeen Capital is quarterbacking the transaction as financial advisor and lead manager with Moore serving as the auditor. Receiving agents include Alistithmar Capital, Alinma Investment, SNB Capital, AlJazira Capital, Riyad Capital, ANB Capital, Albilad Capital, Al Rajhi Capital, Derayah Financial, Saudi Fransi Capital, SAB Invest, Alkhabeer Capital, and Sahm Capital.
