Qualified investors start subscription to iOud’s 325,000 shares today

Logo of Intelligent Oud Co. (IOud)

Qualified investors start today, Sept. 10, subscription to 325,000 shares of Intelligent Oud Co. (iOud) in its planned initial public offering (IPO) on Nomu-Parallel Market.

The stock price range was set at SAR 46-49 per share.

The offered shares represent 20% of the company's post-IPO capital of SAR 16.25 million (25% of capital before IPO at SAR 13 million).

The subscription period will run until Sept. 12.

With Intelligent iOud and Atlas Elevators General Trading & Contracting Co., offerings on Nomu would reach 18 in 2023.

Nomu saw 19 IPOs last year, including Gas Arabian Services Co., Raoom Trading Co., Al-Jouf Mineral Water Bottling Co., Arabian International Healthcare Holding Co. (Tibbiyah), Arabian Food & Dairy Factories Co. (FADECO), Ladun Investment Co., Amwaj International Co., Saudi Networkers Services Co. (SNS), International Human Resources Co. (IHR), Naba Alsaha Medical Services Co., Arabian Plastic Industrial Co. (APICO), Abdulaziz and Mansour Ibrahim Albabtin Co. (AlBabtain Food), Knowledge Tower Trading Co., Molan Steel Co., Saudi Top Trading Co., Leen Alkhair Trading Co., Nofoth Food Products Co. and Alwaha REIT Fund.

The Capital Market Authority (CMA) gave on June 21, the green light for iOud to register and offer 325,000 shares, or 20% its capital, on Nomu-Parallel Market.

The subscription is limited to certain categories of investors, including capital market institutions authorized to act on their own account, as well as clients of capital market institutions authorized to carry out management operations.

This is provided that they are appointed under terms that enable them to take decisions related to accepting participation in the share offering and investment in Nomu on behalf of clients without prior consent. 

The categories include the Saudi government, any government body or international entity approved by the CMA or the Saudi market, or any other financial market recognized by the CMA or the Securities Depository Center (Edaa).

They also include companies owned by the government, directly or through a portfolio managed by a market institution authorized to practice management operations, investment funds, in addition to companies and funds established in the GCC countries.

Investors qualified to participate in the subscription include non-resident foreigners who are allowed to invest in Nomu, qualified foreign financial institutions and any legal person entitled to open investment accounts inside the Kingdom and with Edaa.

Natural persons are also among the qualified investors allowed to open investment accounts inside the Kingdom and with Edaa, provided they fulfill certain criteria.

They should have executed transactions in the securities markets worth a total of no less than SAR 40 million, and at least 10 deals in each quarter during the past 12 months.

Natural persons should also have a net asset value of no less than SAR 5 million and be working or have worked for at least three years in the financial sector.

They should hold a general certificate in securities dealing, approved by the CMA, and a professional certificate in the field of securities business, approved by an internationally-recognized body.

The list of qualified investors includes any other persons to be defined by the CMA.

Company Profile

 
IOud is a Saudi joint stock company established in Riyadh in 2010. It is active in the manufacture of oud and incense, as well as in the production and reproduction of fresheners and related oils.

The company operates through its headquarters in Riyadh and a branch in Dubai.

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