Qualified investors start subscription to Clean Life's 300,000 shares today

Logo of Clean Life Co.

Qualified investors started today, Oct. 1, subscription to 300,000 shares of Clean Life Co. in its planned initial public offering (IPO) on Nomu-Parallel Market.

The offered shares represent 20% of the company's post-IPO capital of SAR 15 million, divided into 1.5 million shares. 

The subscription period will run for five days until Oct. 5.

With Clean Life Co’s  IPO, offerings on Nomu reached 20 in 2023, following Riyal Investment and Development Co’s IPO today.

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.

In June, the Capital Market Authority (CMA) approved the company’s application to offer shares on Nomu.

The subscription is limited to certain categories of investors, including:

- Capital market institutions authorized to act on their own account.

- 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 the participation in the share offering and investment in the parallel market on behalf of the clients without prior consent.

- The Saudi government, any government body, any 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).

- Companies owned by the government, directly or through a portfolio managed by a market institution authorized to practice management operations.

Investment funds.

 - Companies and funds established in the GCC countries.

- The investors qualified to participate in the subscription include non-resident foreigners who are allowed to invest in the parallel market.

- Qualified foreign financial institutions.

- Legal persons entitled to open investment accounts inside the Kingdom and accounts with Edaa.

- Natural persons are also among the qualified investors allowed to open investment accounts inside the Kingdom and accounts with Edaa, provided they fulfil the following criteria:

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

- Natural persons should also have net assets value of no less than SAR 5 million.

- They should 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.

- They should have 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 to be defined by the CMA.

Company Profile

 
Established in 2015 in Riyadh, Clean Life is a Saudi closed joint-stock company with SAR 15 million capital, divided into 1.5 million ordinary shares.

The company's activities are represented in the general, exterior and specialized cleaning of buildings, including chimneys, windows, etc. This is in addition to the cleaning and maintenance of swimming pools as well as disinfection and fumigation activities for pest control.

The company's present activities include deep cleaning for household furniture, as well as deep preparatory cleaning for homes and locations before occupancy.