Shmoh Almadi IPO on Nomu 195.5% covered

Logo of Shmoh Almadi Co.

Shmoh Almadi Co. completed the initial public offer (IPO) on Nomu-Parallel Market, with qualified investors subscribing to all shares offered, financial advisor Value Capital said in a statement to Tadawul.

The IPO was 195.47% oversubscribed, with a final offering price of SAR 22 apiece.

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Value Capital will finalize the required procedures with the Saudi Exchange (Tadawul) and determine the date for listing of the shares on Nomu.

According to data available with Argaam, qualified investors start on Dec. 24 subscription to Shmoh Almadi’s 1.4 million shares, set to list on Nomu. The price range was set at SAR 22 through the book-building process.

The offered shares represent 17.5% of pre-IPO capital of SAR 40 million (14.89% of post-IPO capital). The pre-IPO capital is divided into eight million shares at a par value of SAR 5 each.

The company's capital will be raised to SAR 47 million, divided into 9.4 million shares.

Shmoh Almadi was established as a sole proprietorship in Riyadh in 2006 and later converted into a shareholding company.

The company's activities, as stated in its commercial register, include the manufacture of bread and its products by automated bakeries; biscuits of all kinds; popular food bread; and raw pastry sheets including matai.

This is in addition to the manufacture of popular and oriental sweets of all kinds, land transportation of goods, and transportation of refrigerated and frozen goods. The company's activities also include refrigerated food stores, storage in silos of grain, flour, and agricultural products, as well as refrigerated and dry food stores, retail sale of bakery products and sweets.