Basma Adeem’s Nomu IPO 1,981.3% oversubscribed

Logo of Basma Adeem Medical Co.

Basma Adeem Medical Co. completed its initial public offering (IPO) on Nomu-Parallel Market, with qualified investors fully subscribing to the four million offered shares (20% of the post-IPO capital), financial advisor and lead manager Yaqeen Capital said in a statement to Tadawul today, Jan. 22.

The offering, which was priced at SAR 4.40 per share, was 1,981.27% oversubscribed during the subscription period.

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Yaqeen Capital will finalize the necessary procedures with Tadawul to determine Basma Adeem’s Nomu listing date.

According to data available on Argaam, qualified investors started on Jan. 13 subscribing to Basma Adeem's four million offered shares on Nomu. The price range was set between SAR 4 and SAR 4.4 a share.

The offered shares represented 25% of the company's SAR 16 million pre-IPO capital, divided into 16 million shares at a nominal value of SAR 1 each, and 20% of its SAR 20 million post-IPO capital.