Qualified investors start subscription to Qomel’s 500,000 shares today on Nomu

Logo of Qomel Co.

Qualified investors start today, April 21, subscription to 500,000 shares of Qomel Co., which is scheduled to list on the Nomu-Parallel Market. The price range has been set at SAR 80 per share.

Shares offered for subscription represent 14.29% of the post-IPO capital of SAR 35 million, divided into 3.5 million shares as the IPO process will take place through a capital hike by issuing new shares to investors.

For More IPOs

The subscription period will run for five days, until April 25.

This is the seventh IPO on Nomu during 2024 after Pan Gulf Marketing Co. on Jan. 10, WSM Information Technology Co. on Jan. 25, Al-Modawat Specialized Medical Co. on Jan.  28, Quara Finance Co. on Feb. 4, Al Mohafaza Company for Education on Feb. 28 and  TAQAT Mineral Trading Co. on March 6.

In December 2023, the company obtained the Capital Market Authority’s (CMA) approval on the offering.

The subscription is limited to certain categories of investors, including capital market institutions authorized to act on their own accounts, 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 or international entity approved by the CMA, the Saudi market, 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 person authorized to practice management operations. This is in addition to investment funds, 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 and who meet the requirements stipulated in the guidelines for investment of non-resident foreigners in Nomu.

They also include qualified foreign financial institutions and any legal person entitled to open investment accounts inside the Kingdom and with Edaa.

Natural persons allowed to open investment accounts inside the Kingdom and with Edaa, provided they fulfil certain criteria, including the below:

They should have executed transactions in the securities 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 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

Qomel is a Saudi closed joint-stock company, established as a limited liability company in 2007 and headquartered in Riyadh.

The company's activities, according to its commercial register, are represented in drug warehouse activities, selling natural medicinal herbs, and medical devices and product stores.

Its current actual activity is to work as an agent or distributor for several multinational companies specialized in manufacturing and producing specialized pharmaceutical and medical preparations to treat patients in various fields. Qomel sells medicines, dental supplies, and medical devices in Saudi Arabia.

The company has a wholly-owned subsidiary, Qomal Factory Co., which is an under-construction pharmaceutical factory located in Riyadh.