Sign in
Contractor Al Ashghal Almoysra is guiding on a price range of SAR 35-50 for its IPO on parallel market Nomu, its financial advisor and lead manager Yaqeen Capital said in a statement to Tadawul yesterday. It is looking to offer a 20% stake — 480k ordinary shares — on Nomu after lining up the Capital Market Authority’s approval for the offering in March.
What’s next: 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.
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.
Proceeds + market cap: At the top range, the pricing could see Al Ashghal Almoysra raise up to SAR 24 mn and give it a post-IPO market cap of SAR 120 mn, according to our calculations. 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, according to the prospectus. 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.
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.
