Naqawa Information Technology issues prospectus to IPO 3M shares on Nomu

Logo of Naqawa for Information Technology Co.

Naqawa for Information Technology Co. issued its prospectus to float three million shares on the Nomu-Parallel Market.

The Capital Market Authority (CMA) approved the IPO on June 11, 2024.

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The company plans to float 25% of its current capital reaching SAR 12 million, divided into 12 million shares, at a par value of SAR 1 each.

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

The share sale will run on Oct. 16-22, 2024. It will be limited to qualified investors stipulated in the rules on the offer of securities and continuing obligations.

Established in May 2016, the Riyadh-based company provides integrated tech solutions, a wide range of software development services, as well as managed and cloud services. In addition, it establishes and manages data centers and end-user devices, as well as invests in venture capital.

According to the commercial register, the company's activities include, as stated in the prospectus, investments for designated units, including venture capital firms and investment clubs. This is in addition to organization of exhibitions and conferences, as well as development of operating systems, systems analysis, custom software design, and web hosting services. It also operates in the sale and maintenance of computers and their accessories.