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Shares of Pan Gulf Marketing (PGM) started trading on Nomu yesterday with shares opening at SAR 51 a piece, according to a Tadawul statement. The IPO was 109% oversubscribed by orders from qualified investors, Argaam reports. PGM took a 12% stake to market amounting to 600k shares, according to the prospectus (pdf).
SOUND SMART- Nomu is Tadawul’s version of London’s AIM, offering lighter listing and financial reporting requirements in a bid to attract companies at earlier stages of development, including smaller businesses and startups. There is no profitability requirement to list on Nomu, which is open only to qualified investors (read: most day-trading retail investors need not apply). Want to go deeper? Tap or click here.
Some companies use Nomu as a stepping stone to “upgrade” to the main market, as burger chain Burgerizzr did late last year.
ADVISORS-Yaqeen Capital quarterbacked the transaction as financial advisor and lead manager, while PKF acted as the legal advisor.
IN OTHER CAPITAL MARKETS NEWS-
Bahrain’s GFH Financial Group has appointed SNB Capital as advisor for its potential listing on Tadawul, Argaam reports. The listing is still subject to regulatory approval. The investment group’s shares are already listed on the Bahrain and Kuwait stock exchanges as well as on the UAE’s ADX and DFM.
