Logo of Digital Research Co. (DRC)
The offered shares represent 22.5% of pre-IPO capital of SAR 15 million, divided into 1.5 million shares, or 20% of post-IPO capital.
The company's post-IPO capital will increase to SAR 16.88 million, divided into 1.69 million shares at a par value of SAR 10 each.
The share sale will run for seven working days until Dec. 1.
The IPO of DRC brings the total number of listings on the parallel market to 25 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 DRC’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
Riyadh-headquartered DRC was established in 2014 as a Saudi consulting company. Its current actual activity is to provide market research services, including brand and communication research, customer experience research, product development research, opinion polls, and ghost shopping.
The company also offers consulting services, including strategic consulting, performance management consulting, business consulting, operations excellence consulting, customer service, institutional transformation consulting, and economic consulting studies.
In addition, DRC’s activities include data solutions services, including data engineering and modeling, cloud data solutions, and robotic automation solutions.
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Company Profile |
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|
Company |
Digital Research Co. (DRC) |
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Market |
Nomu-Parallel Market |
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Core Activities |
A consulting company specializing in data analysis and market research |
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Pre-IPO Capital |
SAR 15 mln |
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Number of Shares |
1.5 mln |
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Post-IPO Capital |
SAR 16.88 mln |
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Number of Shares after IPO |
1.68 mln |
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Par Value |
SAR 10/share |
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IPO Summary |
|
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Issue Percentage |
22.5% of pre-IPO capital 20% of post-IPO capital |
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Offered Shares |
377,500 |
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IPO Minimum Limit |
10 shares |
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IPO Maximum Limit |
84,360 shares |
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Offer Period |
Nov. 25 to Dec. 1, 2024 |
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Final Allocation |
Dec. 4, 2024 |
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Surplus Refund (if any) |
Dec. 8, 2024 |
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Company Shareholders |
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Shareholders |
Pre-IPO |
Post-IPO |
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Number of Shares (‘000) |
Ownership (%) |
Number of Shares (‘000) |
Ownership (%) |
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|
Walid Khaled Ahmed Al-Sulaiman |
282.53 |
18.84% |
251.45 |
14.90% |
|
Mansour Ayed Hassan Al-Qahtani |
349.78 |
23.32% |
311.30 |
18.45% |
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Abdulaziz Saud Mutab Al-Sabhan |
166.56 |
11.10% |
148.24 |
8.78% |
|
Mohammed Ahmed Abdullah Al-Qurayshi |
111.04 |
7.40% |
98.83 |
5.86% |
|
DRC (Treasury Shares) |
136.35 |
9.09% |
136.35 |
8.08% |
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Others owning less than 5% (32 shareholders) |
453.74 |
30.25% |
403.83 |
23.93% |
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Public (Qualified investors) |
-- |
-- |
337.50 |
20.00% |
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Total |
1500.00 |
100% |
1687.50 |
100% |
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Additional Information |
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Financial Advisor & Lead Manager |
Value Capital |
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Receiving Entities |
Alistithmar Capital, Alinma Investment, SNB Capital, AlJazira Capital, Riyad Capital, ANB Capital, Albilad Capital, Al Rajhi Capital, Derayah Financial, Saudi Fransi Capital, SAB Invest, Alkhabeer Capital, Sahm Capital and Yaqeen Capital |
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