Al-Modawat's offer price on Nomu set at SAR 111/share, IPO 135.8% covered

Logo of Al-Modawat Specialized Medical Co.

Yaqeen Capital, the financial advisor and lead manager for the initial public offering (IPO) of Al-Modawat Specialized Medical Co. on the Nomu-Parallel Market, announced the conclusion of the offering’s subscription for a total of 475,000 ordinary shares, representing 20% of the company's post-IPO capital.

The IPO price for the offered shares was set at SAR 111 per share, with a coverage ratio of 135.75%, according to a filing to the Saudi Exchange (Tadawul) today, Feb. 8.

Yaqeen Capital will finalize the required procedures with Tadawul and then determine the date for listing Al-Modawat's shares on Nomu, it added.

According to data compiled by Argaam, Al-Modawat floated 475,000 ordinary shares on Nomu, representing 20% of the company's post-IPO capital of SAR 23.75 million divided into 2.38 million shares.

Qualified investors’ subscription period ended on Feb. 5.