Subscription to Multi Business Group’s 3M shares starts today on Nomu

Logo of Multi Business Group for Projects Co. (MBG)

Qualified investors started today, Nov. 12, subscribing to three million shares of Multi Business Group for Projects Co. (MBG), on the Nomu-Parallel Market.

The offer price has been set between SAR 13 and SAR 15 per share.

The shares on offer represent 25% of the company's pre-IPO capital of SAR 12 million, divided into 12 million shares at SAR 1 each, and 20% of the post-IPO capital.

For More IPOs

The subscription period will run for five days until Nov. 18.

The IPO of MBG on Nomu today brings the total number of listings on the parallel market to 23 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 MBG’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 includes also any other persons as defined by the CMA.

Company Profile

MBG was founded as a sole proprietorship in Riyadh in 2009 and later transformed into a non-listed joint-stock company.

The company provides contracting services for architectural finishing, interior design, and electrical and mechanical engineering for buildings.