Alshehili’s Nomu IPO 231.76% covered

Logo of Alshehili Co.

Alshehili Co. completed its initial public offering (IPO) on Nomu-Parallel Market, with qualified investors subscribing to the 500,000 offered shares, representing 20% of post-IPO capital (or 25% of pre-IPO capital), financial advisor Forsa Capital said in a statement to Tadawul today, Jan. 15.

The IPO was 231.76% oversubscribed, with a final offering price of SAR 80 apiece.  

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Forsa Capital will finalize the required procedures with the Saudi Exchange (Tadawul) and determine the listing date on Nomu. 

According to data available with Argaam, qualified investors started on Jan. 5 subscription to Alshehili’s 500,000 share offering. The price range was set between SAR 80-76 a share.

The offered shares represented 25% of its pre-IPO capital of SAR 20 million, divided into two million shares, at a nominal value of SAR 10 each. However, these shares make up 20% of the post-IPO capital.