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Saudi human resources advisory firm Tharwah Company intends to list its shares on the Parallel Market (NOMU), according to a disclosure on Tadawul.
Tharwah announced its intention to offer 705,745 ordinary shares, representing 15% of the company, amounting to 23.53 million Saudi riyals ($6.2 million) or 17.64% of pre-IPO capital.
The offering period will begin on 4 August 2024 and will end on 11 August 2024. The price will be determined after the book-building period, with the final allocation determined on 15 August 2024.
Value Capital Company has been appointed as financial advisor and lead manager.
Saudi’s Capital Market Authority (CMA) approved the company’s application to float its shares on Nomu on June 3.
Established in 2012, the Saudi firm specialises in human capital consulting and development. It was established as a one-person Saudi limited liability company in Riyadh in 2017, before transforming into a closed joint stock company.
According to its prospectus, its pre-IPO capital amounts to SAR 20 million, with 4 million shares at par value of SAR 5. Post offering, the company’s capital is expected to reach SAR 23.53 million, with 4.71 million shares.
In a note on its website, CEO and founder Abdullah ALZahrani said the listing will accelerate the pace of the company’s growth and expansion plans.
The company said it made SAR 150 million in sales between 2022 to 2024.
(Writing by Bindu Rai, editing by Daniel Luiz)
