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The offering of Al-Modawat Specialized Medical was 135% oversubscribed with qualified investors putting in orders at SAR 111 a piece, according to a disclosure to Tadawul. The healthcare provider is set to debut 475k ordinary shares on parallel market Nomu — good for 20% stake. Yaqeen Capital is quarterbacking the transaction as financial advisor and lead manager.
Use of proceeds: The majority of the potential proceeds (94%) are earmarked to support the company’s working capital needs, while the remaining will be used to purchase an MRI scanner, according to a prospectus (pdf)
ADVISORS-Yaqeen Capital will be quarterbacking the transaction as lead manager and financial advisor, while Talal Abu Ghazaleh (TAGI) will be acting as auditor, according to the prospectus.
IN OTHER NOMU NEWS-
Al Mohafaza Education will offer a 20% on Nomu, according to a disclosure to Tadawul. This will be done by way of a capital increase of an additional 1.3 mn shares, while the remaining 300k will be sold by existing shareholders, according to the prospectus (pdf). There’s no public information on the price guide for the offering.
The timeline: Qualified investors will be able to place their orders starting Wednesday, 28 February and wrap up on 7 March 2024, followed by the final allocation happening on 12 March. Excess subscription fees, if any, will be refunded on 14 March.
Use of proceeds: The majority of the proceeds (81%) would be used to fund the construction of an educational compound in Riyadh. The compound is set to go live in 3Q 2026. Some 18.8% of the proceeds will be distributed to the selling shareholders.
2023 KPIs: The education provider’s bottom line rose 129% y-o-y to SAR 6.4 mn in FY2023 ending on 31 July, while its top line increased 30% y-o-y to SAR 26 mn.
Lock up period: All five substantial shareholders will have to abide by a 12-month lock-up period starting from the first day of trading before they can make any transactions on their shares.
ADVISORS- Yaqeen Capital is quarterbacking the transaction as financial advisor and lead manager, while RSM is acting as auditor.
