Lavenco’s Nomu IPO cancelled due to insufficient subscription

Logo of Zahr Al Khuzama Aluminum Co. (Lavenco)

Zahr Al Khuzama Aluminum Co. (Lavenco) announced today, Nov. 26, that its planned offering on the Nomu-Parallel Market was incomplete and, accordingly, the company’s IPO is void.

In a statement to Tadawul, the company said subscription proceeds will be refunded to investors starting today and no later than two business days from the announcement date.

On Nov. 12, qualified investors began subscribing to 300,000 shares, representing 25% of the company’s pre-offering capital, at SAR 48 per share.

The subscription window was initially set to close on Nov. 18, then extended to Nov. 25.

The offering was canceled today due to insufficient coverage.

The company operates in the production of aluminum and glass doors and windows, as well as metal structures and components made of aluminum and steel, including fixed glass frames. It also manufactures glass facades and cladding.

Lavenco has a current capital of SAR 12 million, divided into 1.2 million shares.