‎Qualified investors start subscription to 1.6 mln Afaq Food shares today

‎Qualified investors start subscription to 1.6 mln Afaq Food shares today

Qualified investors start today, March 5, subscription to 1.6 million shares, or 20% of the share capital of Afaq Food, on Nomu-Parallel Market, with an IPO price of SAR 37 per share.

Afaq Food is a subsidiary of Tabuk Agricultural Development Co.’s (TADCO)

The subscription period will run five days until March 9.

This is the fourth IPO on Nomu during 2023, following WAJA Co. on Feb. 12 and Knowledge Network Business Services Co. and Bena Steel Industries Co. on Feb. 26.

Nomu saw 19 IPOs last year, including Gas Arabian Services Co. , Raoom Trading Co., Al-Jouf Mineral Water Bottling Co., Arabian International Healthcare Holding Co. (Tibbiyah), Arabian Food & Dairy Factories Co. (FADECO), Ladun Investment Co., Amwaj International Co., Saudi Networkers Services Co., International Human Resources Co. (IHR), Naba Alsaha Medical Services Co., Arabian Plastic Industrial Co. (APICO), AlBabtain Food, Knowledge Tower as well as Molan Steel Co., Saudi Top Trading Co., Leen Alkheir Trading Co., Nofoth Food Products and Alwaha REIT Fund.

On Dec. 28, 2022, the Capital Market Authority (CMA) approved the company’s application to offer shares on Nomu.

The subscription is limited to certain categories of investors, including capital market institutions authorized to act on their own account, as well as