Investors start subscription to Al Battal Factory’s 670,000 shares on Nomu today

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The subscription period will run for five days until Dec. 19.

The IPO of Al Battal Factory today brings the total number of listings on Nomu to 27 this year, following the cancellation of Al-Hokail Academy Specialized Digital Polyclinics Co.’s offering and the postponement of Kinan International for Real Estate Development Co.’s listing.

In September 2024, the Capital Market Authority (CMA) approved Al Battal Factory’s request to register and float its shares on Nomu.

The subscription is limited to certain categories of investors, including capital market institutions authorized to act on their own accounts. This is in addition to clients of capital market institutions authorized to carry out management operations, provided 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, or international entity approved by the CMA, the Saudi market, any other financial market recognized by the CMA, or the Securities Depository Center Co. (Edaa).

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

Additionally, the qualified investors include any legal person entitled to open investment accounts inside the Kingdom and with Edaa, as well as natural persons allowed to open investment accounts inside the Kingdom and with Edaa, provided they fulfill certain criteria, including the below:

They should have executed transactions in the capital markets worth a minimum of 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 at least SAR 5 million and be working or have worked for at least three years in the financial sector.

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

The list of qualified investors also includes any other persons as defined by the CMA.

Company Profile

Al Battal Factory was initially established as a branch of Al-Battal Holding Co., a limited liability company, under the name "Al Battal Factory for Chemical Industries Co." in 2007.

It was later converted into a closed joint-stock company.

The company mainly operates in the production of cellulose ether products, such as Poly Anionic Cellulose (PAC), Carboxymethyl Cellulose (CMC), as well as salt flux and thermal coating products.

*The indirect ownership of Bassam bin Mohammed Al Dosari results from his 37.50% direct ownership in Al Battal Investment Co. Al Battal Investment holds 55.09% of the company.