CMA nods for Service Equipment 30% IPO on Nomu

Logo of Service Equipment Co.

The Capital Market Authority (CMA) approved today, Dec. 9, Service Equipment Co.'s application to list 720,000 of its shares on the Nomu-Parallel Market.

The shares to be offered represent 30% of the company’s total shares, which amount to 2.4 million shares.

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The offer will be limited to qualified investors as defined in the list of terms used in the regulations and rules of the CMA. The prospectus will be published well in advance of the offering's start date.

The CMA's approval is valid for six months from the date of the resolution. It will be deemed cancelled if the offering and listing of the company's shares are not completed within this period.

Established in 1980, the company specializes in providing maintenance equipment, such as car lifts, car wash systems, fuel station equipment, mechanical hand tools, and air conditioning maintenance tools. Its board of directors is chaired by Ahmed Omar Balbaid, according to the company's website.