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Local contractor Al Ashghal Almoysra is looking to offer a 20% stake — 480k ordinary shares — on the Nomu parallel market, its financial advisor and lead manager Yaqeen Capital said in a statement to Tadawul yesterday. The company received approval from the Capital Market Authority (CMA) for the listing in late March.
Post IPO structure + lock-up period: The five substantial shareholders are selling down their positions to a combined 80%. They are prohibited from conducting any transactions on their shares for a period of 12 months from the first day of trading.
Timeline: Qualified investors can place orders on a minimum of 10 shares and a maximum of 119,990 shares from Sunday, 7 July to Monday, 15 July, according to its prospectus (pdf). The final allocation of shares will take place on Sunday, 21 July, and refunds, if any, on Tuesday, 23 July.
Use of proceeds: Some SAR 2.3 mn will be used to cover all the offering related costs including fees for the financial advisor, subscription manager, and other advisors, as well as other expenses, the prospectus reads. The remainder of the net proceeds will go entirely to the selling shareholders, it added.
About Al Ashghal Al Moysra: The company specializes in facility management, contracting, and provision of logistics and transport solutions across the Kingdom and was established in 2013 in Sakaka, Al Jouf.
A snapshot of its earnings: The company saw its net income rise 10.4% y-o-y in 9M 2023 to SAR 6.7 mn, while revenues during the period rose 5.3% y-o-y to SAR 37.8 mn, its prospectus showed.
ADVISORS- Yaqeen Capital is serving as the financial advisor and lead manager, while Al Rajhi Capital, Riyad Capital, Alinma Investment, AlJazira Capital, Alawwal Invest, Derayah Financial, Saudi Fransi Capital, SNB Capital, Alistithmar Capital, Albilad Capital, ANB Capital are all receiving agents.
