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Al Battal Factory for Chemical Industries sets a price range of SAR 54-63 per share for its Nomu IPO of a 22.3% stake, lead advisor Yaqeen Capital said in a filing to the exchange. At the top of the range, the pricing could see the chemicals manufacturer raise up to SAR 42.2 mn in proceeds, and would give it a market cap of SAR 210.1 mn at listing, according to EnterpriseAM calculations.
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What’s next? Qualified investors can subscribe to the IPO starting Sunday, 15 December and until Thursday, 19 December, with a minimum subscription limit of 10 shares and a maximum of 166.7k shares per investor.
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%, according to the prospectus. Net proceeds from the sale will be directed toward financing Al Battal’s working capital.
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.
