Saudi Tharwah Company Plans Nomu IPO
Nomu is a parallel equity market with more flexible listing requirements.
Saudi Arabia's Tharwah Company, a human resources advisory firm, has disclosed its intentions to launch an initial public offering (IPO) on the parallel market Nomu, as announced on Tadawul.[1]
Read More: Al-Hokail Academy Cancels IPO on Nomu Market
Tharwah aims to offer 705,745 ordinary shares, equating to 15% of the company, valued at $6.2 million, representing 17.64% of its pre-IPO capital.
The IPO subscription period is scheduled from August 4th, 2024, to August 11th, 2024, with the share price to be determined post the book-building phase and final allocation confirmed by August 15th, 2024.
Value Capital Company has been appointed as the financial advisor and lead manager for the IPO process.
The Capital Market Authority (CMA) of Saudi Arabia approved Tharwah's application to list on Nomu on June 3rd.
Established in 2012, Tharwah specializes in human capital consulting and development. Originally a Saudi limited liability company, it transformed into a closed joint stock company based in Riyadh in 2017.
According to its prospectus, Tharwah's pre-IPO capital stands at SAR 20 million ($5.33 million), with 4 million shares at a par value of SAR 5 ($1.33). Post-offering, the company anticipates a capital increase of SAR 23.53 million ($6.27 million), with 4.71 million shares outstanding.
Recently, 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.