Naf’s Nomu IPO 111% oversubscribed

Logo of Naf Company for Feed for Industry

Team One Capital, the financial advisor to Naf Company for Feed for Industry, announced the successful completion of the company’s initial public offering (IPO) on the Nomu-Parallel Market.

In a statement to Tadawul on Tuesday, the firm said the IPO, which covered 20% of Naf’s share capital, or 400,000 shares, was 111% oversubscribed during the offer period from June 22 to June 26.

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Team One Capital added that it will finalize the required procedures with Tadawul before setting a listing date for the company’s shares.

According to Argaam data, qualified investors began subscribing to the offering on June 22 at SAR 76 per share.

The shares represented 20% of Naf’s SAR 20 million capital, divided into two million shares at a nominal value of SAR 10 each.