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Itmam Consulting is taking a 14.3% stake to Tadawul’s parallel market Nomu, the firm said in its prospectus (pdf) for the offering. Some 3 mn shares will be up for grabs, out of which 1 mn are newly-issued stocks. The Riyadh-based business consulting service lined up Capital Market Authority approval for the move back in October.
Qualified investors can subscribe to the IPO between 5-12 January. They can book up to 1 mn shares each with the minimum amount set at 100 shares. The final allocation is slated for Wednesday, 15 January.
Net proceeds from the sale will be used to finance the company’s working capital to support its expansion plans. Some SAR 3 mn from the proceeds will be earmarked to cover the offering’s expenses.
Post-IPO structure + lockup period: Itmam’s seven major shareholders will see their ownership diluted to a combined 80.6%, down from their current 94%, and will be subject to a 12-month lock-up period from the first day of trading.
Earnings snapshot: The company posted SAR 6.7 mn in net income for 1H 2024, up from SAR 4.1 mn in 1H 2023, according to its latest financial results in the prospectus. Meanwhile, revenues came in at SAR 27.7 mn in the first half of the year, down from 36.5 mn during the same period last year.
About Itmam: Established in 2018 and headquartered in Riyadh, Itmam Consulting provides management consulting services operating in administrative restructuring, compliance evaluation, market research, business accelerators, upskilling and event management. Its services extend to sectors such as construction, manufacturing, IT, real estate, education, healthcare, and energy.
ADVISORS- Yaqeen Capital is quarterbacking the transaction as lead manager and financial advisor, while RSM acts as legal accountant. Receiving agents include Alistithmar Capital, Alinma Investment, SNB Capital, AlJazira Capital, and Riyadh Capital, among others.
