Balsm Alofoq’s Nomu IPO 1,695% oversubscribed at SAR 60/shr

Logo of Balsm Alofoq Medical Co.

Yaqeen Capital, the financial advisor and lead manager on the initial public offering (IPO) of Balsm Alofoq Medical Co. on the Nomu-Parallel Market, announced the offering's completion at SAR 60 per share.

The IPO was 1,694.55% oversubscribed, according to a Tadawul filing.

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Yaqeen Capital is coordinating with Saudi Tadawul Group Holding Co. (Tadawul Group) to finalize the relevant procedures before announcing the listing date for Balsm Alofoq’s shares on Nomu.

Qualified investors began subscribing to 250,000 of Balsm Alofoq’s shares on Dec. 1. The offered shares represented 20% of the company’s post-IPO capital and 25% of its pre-IPO capital, Argaam’s data showed.

Post-IPO, the company’s capital will increase to SAR 12.5 million, divided into 1.25 million shares at a nominal value of SAR 10 each.

Founded in 2012 as a sole proprietorship, Balsm Alofoq became a limited liability company in 2021 and a closed joint-stock company in 2024. Headquartered in Buraydah, it provides therapeutic and cosmetic dental services and sells medical supplies through two complexes: Balsm Alofoq Medical Dental Complex and Enaya Al-Nahda Medical Complex.