Sama Water to Offer 20% Stake in Nomu Market IPO
Qualified investors can submit orders for the IPO starting from Wednesday, October 2nd, until Tuesday, October 8th.
Jazan-based Sama Water plans to offer a 20% stake, equivalent to 10 million shares, through an initial public offering (IPO) on Tadawul’s parallel market Nomu. The company secured approval from the Capital Market Authority to launch the offering in June, according to its prospectus.[1]
Read More: Saudi Tharwah Company Plans Nomu IPO
The IPO is a secondary offering, with shares being sold by the company’s two key shareholders, Abd Allah Tebeqi and Ziad Tebeqi. Following the sale, their combined stake will drop to 80%, down from 100%. Abd Allah Tebeqi’s 80% stake will be reduced to 64%, while Ziad Tebeqi’s 20% stake will decrease to 16%.
Qualified investors can submit orders for the IPO starting from Wednesday, October 2nd, until Tuesday, October 8th. Final share allocations will be announced on Sunday, October 13th, with excess subscription funds refunded within two business days. Trading will begin once regulatory requirements are met. Investors can subscribe to a minimum of 100 shares, with a maximum limit of approximately 2.5 million shares.
The selling shareholders will retain the proceeds from the offering, after deducting SAR 2.4 million ($640,000) in IPO-related expenses. A 12-month lock-up period will apply to major shareholders, preventing them from selling their shares during this time.
Yaqeen Capital is acting as the financial advisor and lead manager for the IPO, while Moore serves as the auditor. Several financial institutions, including Al Rajhi Capital and Riyad Capital, are receiving agents.
Recently, Saudi Arabia’s First Avenue Real Estate Development announced a price range of SAR 5.7 to SAR 6 per share ($1.52 to $1.60) for its upcoming initial public offering (IPO) on the parallel market, NOMU.
Saudi Arabia’s Al-Hokail Academy Specialized Digital Polyclinics Company decided to cancel its planned IPO on the Parallel Market (Nomu) of the Saudi Exchange.
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.
