Nofoth Food IPO 342.7% covered, offering price set at SAR 150/share

28/12/2022 Argaam

Nofoth Food IPO 342.7% covered, offering price set at SAR 150/share

Logo of Nofoth Food Products Co.

Yaqeen Capital, the financial advisor and lead manager for the initial public offering (IPO) of Nofoth Food Products Co. on Nomu-Parallel Market, announced that the subscription was complete, at an offering price of SAR 150 a share. 

 

The IPO was 342.69% covered, Yaqeen Capital stated in a statement to Tadawul, adding that it will finalize the required procedures with Saudi Tadawul Group Holding Co. (Tadawul Group), and then determine the date for listing of the shares on Nomu.

 

Qualified investors started, on Dec. 18, subscription to 288,000 shares, or 12% of Nofoth's share capital.

 

The IPO was priced between SAR 135 and SAR 150 per share, according to data available with Argaam.

 

Headquartered in Riyadh, Nofoth is a Saudi closed joint stock company. It was established as a limited liability company in 2015.

 

The company's current capital is SAR 24 million, divided into 2.4 million shares.

 

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