Qomel sets offering price at SAR 80 a piece for its IPO

Qualified investors eyeing the IPO of healthcare outfit Qomel will be able to place their orders today, its financial advisor Watheeq Capital said in a disclosure to Tadawul on Thursday. The private healthcare provider is set to offer 500k shares on Tadawul’s parallel market Nomu, representing a 14.3% stake.

In detail: Bankers will start taking orders at a set price of SAR 80 apiece, according to Watheeq Capital. The subscription period runs until Thursday, 25 April. A final allocation is set for Thursday, 2 May.

The company will use proceeds from the offering to invest in growth, including a SAR 100 mn pharma manufacturing facility being built by fully owned subsidiary Qomel Factory Co. in Sudair Industrial City.

Lock-up period: All four substantial shareholders will have to abide by a 12-month lock-up period starting from the first day of trading.

About Qomel: Established in 2007, Qomel is a Riyadh-based healthcare company specialized in pharma and medical devices. It has branches in Jeddah and Dammam and distribution agreements with global pharma players, including UK’s Clinigen, Waymade, France’s Ohre Pharma, Italy’s Adienne and others.

ADVISORS- Derayah Financial is quarterbacking the transaction as lead manager, while Watheeq Capital is acting as financial advisor.

IN OTHER CAPITAL MARKETS NEWS- The board of Nomu-listed Edarat Communication and IT has approved its transition to the main market, it said in disclosure to Tadawul on Thursday. No further details were provided, but the cloud service provider said the transition is subject to an approval from Tadawul.