Arabica Star’s Nomu IPO 1,606.8% oversubscribed

Logo of Arabica Star Co.

Yaqeen Capital, the financial advisor and lead manager of the initial public offering (IPO) of Arabica Star Co. on the Nomu-Parallel Market, concluded the offering with qualified investors subscribing to all the shares offered.

In a statement to Tadawul today, Nov. 25, the company said the IPO was 1,606.83% oversubscribed, during the subscription period from Nov. 17-21.

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Yaqeen Capital will proceed with the necessary steps with Saudi Tadawul Group Holding Co. (Tadawul Group) to finalize the listing of Arabica Star’s shares on Nomu, with the debut date to be announced later.

According to data available with Argaam, Arabica Star earlier floated on Nomu as many as 275,000 shares at SAR 64 each. This represented 25% of its SAR 11 million pre-IPO capital, divided into 1.1 million shares at a nominal value of SAR 10 apiece (equivalent to 20% of post-IPO capital).