Hamad Bin Saedan’s Nomu IPO 114.2% covered

Hamad Bin Saedan currently holds SAR 240 mln in capital, which will grow to SAR 282.35 mln post-IPO

Merchants Capital, in its capacity as financial advisor on Hamad Mohammed Bin Saedan Real Estate Co.’s IPO on Nomu-Parallel Market, announced the completion of the offering of 4.23 million new ordinary shares.

In a statement to Tadawul today, Sept. 9, the company said the final offer price was set at SAR 13.5 per share.

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Coverage reached 114.19% of the total offered shares during the subscription period, which ran from Aug. 29 to Sept. 4.

Merchant Capital also announced the completion of the allocation process, adding that surplus refunds will be made no later than Sept. 10. The company will finalize the required procedures with Tadawul, before determining Hamad Bin Saedan’s Nomu debut date.

According to Argaam data, qualified investors subscribed to the 4.23 million shares of Hamad Bin Saedan on Nomu. The offered shares represented 17.64% of the company’s pre-IPO capital and 15% of post-IPO capital.

The company’s current capital stands at SAR 240 million and will increase to SAR 282.35 million post-offering, divided into 28.24 million shares at a nominal value of SAR 10 each.