Leaf Global Environmental Services is guiding on a price range of SAR 46-50 per share for its IPO on parallel market Nomu, according to a filing to the exchange. The Jeddah-based environment consultant is taking a 30% stake to market.
What’s next: Qualified investors can place orders here for a minimum of 10 shares and a maximum of 250k shares each until this Thursday, 30 May. Final allotment of shares is slated for Thursday, 6 June.
Post-IPO ownership structure + lock-up period: The ownership of the two substantial shareholders will settle at a combined 70% stake after the sale, down from 100%. Their shares will remain locked up for a period of 12 months from the first day of trading.
Proceeds + market cap: At the top of the range, the pricing would see it raise up to SAR 75 mn, and give it a post-IPO market cap of up to SAR 250 mn, according to our calculations. Some SAR 3 mn of the offering’s proceeds will be used to cover the offering’s expenses, with the remainder set to be divided between the selling shareholders on a pro rata basis, according to the company’s prospectus (pdf)
ADVISORS-Al Khair Capital is quarterbacking the transaction as financial advisor and lead manager, while receiving banks include SNB Capital, Al Rajhi Capital, Saudi Fransi Capital, Riyad Capital, Albilad Capital, AlJazira Capital, Alinma Investment and Derayah Financial.