Jana Medical IPO on Nomu 150.4% covered

Logo of Jana Medical Co.

Afaq Capital, the financial advisor on the initial public offering (IPO) of Jana Medical Co. on the Nomu-Parallel Market, concluded the offering with qualified investors subscribing to all the shares offered.

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In a statement to Tadawul, the company said the IPO was 150.4% oversubscribed, with a final offering price of SAR 44 apiece.

The allocation of shares to institutional and individual qualified investors was completed. Any surplus subscription amounts (if applicable) will be refunded on Nov. 24, 2024.

Afaq Capital added that it will proceed with the necessary steps with Saudi Tadawul Group Holding Co. (Tadawul Group) to finalize the listing of Jana Medical’s shares on Nomu, with the listing date to be announced later.

According to data available with Argaam, Jana Medical offered 642,500 shares, representing 20% of its post-IPO capital (equivalent to 25% of pre-IPO capital) on Nomu.

Following the IPO, the company’s capital will increase to SAR 32.12 million, comprising 3.21 million shares with a nominal value of SAR 10 per share.