Kesay Clinics decides not to proceed with Nomu IPO

Kesay Clinics said the decision to withdraw the IPO was taken to safeguard the interests of shareholders and investors.

Kesay Clinics Co. decided not to proceed with its planned initial public offering (IPO) on the Nomu-Parallel Market (Nomu) after consulting with Estidamah Capital Co., its financial advisor.

The decision was taken to safeguard the interests of shareholders and investors, Estidamah Capital said in a statement to Tadawul.

Kesay Clinics reaffirmed confidence in its strategy and future prospects, stating it may revisit the offering and listing at a later stage.

Subscription amounts will be refunded to subscribers in accordance with the procedures followed by the receiving entities and within the customary regulatory timeframes, the statement said. Any related updates will be announced in due course.

According to data available with Argaam, the company offered two million shares to qualified investors on Nomu, starting Feb. 11. The offer price was set at SAR 15 per share, with the subscription period closing on Feb. 22.