Al Hokail Academy to Sell 29% Stake on Nomu

Al Hokail Academy Specialized Digital Polyclinics Company is set to offer a 29% stake in the parallel market Nomu, according to its prospectus. Approved by the Capital Market Authority (CMA) in March, the offering includes just over 2 million ordinary shares, available to qualified institutional and retail investors.^[1]  

Al Hokail boasts services in dental care, cosmetic beauty, day surgery, in-vitro fertilization, and genetic testing. The company has served over 2 million clients through its seven branches.

Amjad Abdul Aziz Ibrahim Al Hokail, the sole substantial shareholder, will trim his stake from 93.06% to 65%.

Institutional investor orders will be received from Sunday 7th, July to Wednesday, July 10th. The bookbuilding process for retail investors will run from Wednesday, July 17th to Sunday, July 21st. Final allocation of shares is set for Tuesday, July 21st, with excess subscription fees refunded by Thursday, July 25th. The first trading day pending some regulatory approvals.

Emirates NBD Capital KSA is the financial advisor and lead manager, with Khaligyoun Legal Advisors as the legal advisor, PwC as the auditor, and Reflexion as the business consultant. Receiving agents include Riyad Capital, BSF Capital, Alinma Investment, Al Jazira Capital, SNB Capital, ANB Capital, Al Rajhi Capital, Derayah Financial Company, Albilad Capital, SAB Invest, Alistithmar Capital, and Alkhabeer Capital.

Nomu is a parallel equity market with more flexible listing requirements, providing an alternative platform for companies to go public. Investment in this market is limited to Qualified Investors.^[2]  

Earlier this month, KSA’s perfumer retailer Arabian Oud named banks ahead of its anticipated IPO.

In addition, Saudi Arabia's Arabian Mills for Food Products announced plans to list 15.4 million shares, equivalent to a 30% stake, on the local exchange.

Also, Saudi Arabian water and wastewater infrastructure company, Miahona, debuted on the Riyadh bourse on June 6th.

In addition, Saudi Arabia's low-cost carrier, flynas, has officially announced plans for an IPO. Bander Almohanna, CEO of Flynas, told Asharq Business in an interview that the IPO offering is slated for later this year. 

In May, Bloomberg data revealed that Saudi IPOs have seen overwhelming investor interest, including the Saudi Manpower Solutions Company (Smasco) which garnered over $30 billion in orders. At the same time, Dr. Soliman Abdel Kader Fakeeh Hospital Company, known as Fakeeh Care Group’s (FCG), IPO attracted $91 billion in orders, one of the highest figures for Saudi IPOs raising over $500 million.

Saudi Arabian Rasan Information Technology Co. attracted significant investor interest for its IPO, with orders worth approximately $29 billion. The IPO was 129.1 times oversubscribed.

Notably, Saudi Aramco's record IPO in 2019 drew $105.85 billion in orders from fund managers.