Rayan Advanced scraps IPO on Nomu as subscribers cancel, reduce share requests

Logo of Rayan Advanced Industrial Co.

Aldukheil Financial Group (AFG), the financial advisor for Rayan Advanced Industrial Co., announced the incompletion of the company's initial public offering (IPO) on Nomu-Parallel Market, according to a statement to Tadawul.

It said that several subscribers canceled or reduced the number of requested shares, which led to non-coverage of the IPO.

Accordingly, the IPO is considered void. Subscribed amounts will be refunded to subscribers by no later than Dec. 19, the company added.

Rayan Advanced also affirmed its intention to continue its promising expansion plans, which were disclosed in the prospectus. It also confirmed its intention to submit its application for offering its shares on Nomu when it is deemed appropriate.

AFG announced recently publishing the supplementary prospectus on floating two million ordinary shares, or 20% of Rayan Advanced’s capital, as some material events should be included in the prospectus, Argaam's data showed.

These material events allowed qualified investors, who subscribed to the shares prior to the publication of the supplementary prospectus, to cancel or amend their subscription to these securities from Dec. 12-15.

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