Advance International issues prospectus for IPO on Nomu

Logo of Advance International Company for Communication and Information Technology

Advance International Company for Communication and Information Technology issued the prospectus for its initial public offering (IPO) on the Nomu Parallel Market.

The company plans to offer 400,000 shares, or 20% of its capital, in the IPO.

The Capital Market Authority (CMA) approved earlier this month the application received from the company to offer 20% of its shares on Nomu Parallel Market.

The IPO will be confined to qualified investors, according to CMA regulations.

- Capital market institutions authorized to act on their own account.

- Clients of a person licensed to conduct activities management with the provisions and restrictions set forth in the book-building instructions.

- The Saudi government, any governmental body, any international entity approved by CMA or the Saudi market, or any other financial market recognized by CMA or the Securities Depository Center.

- Companies that are owned by the government, directly or through private portfolio manager.

- Companies and funds established in the GCC countries.

- Investment funds.

- Non-resident foreigners who are allowed to invest in the parallel market and who fulfill the requirements as stipulated in the guide of non-resident foreigners’ investments in the parallel market.

- Qualified foreign financial institutions.

- Any legal persons who have the right to open investment accounts inside the Kingdom, and accounts at the Securities Depository Center.

- Natural persons who can open investment accounts inside the Kingdom and accounts at the Securities Depository Center, and who fulfill the following criteria:

- To have executed deals in securities markets, with a total value of not less than SAR 40 million, and not less than 10 deals in each quarter during the past 12 months.

- Net assets value is not less than SAR 5 million.

- To be working or has worked for at least 3 years in the financial sector.

- To hold a general certificate in securities dealing, approved by CMA.

- To hold a professional certificate in the field of securities business, approved by an internationally recognized body.

- Any other persons to be determined by CMA.

Advance International Company for Communication and Information Technology was established as a limited liability company in Riyadh on April 19, 2016, with a capital of SAR 100,000, divided into 100 in-kind stakes of equal value. In November 2020, the company's partners decided to increase the capital to SAR 20 million, divided into two million shares at a value of SAR 10 each, following which the company converted into a closed joint stock company.

The company's activities are represented in network extensions, installation and extension of computer and communications networks, wholesale and retail sale of security devices.

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