Fatima Al-Kashef

Saudi Arabia’s PreSyn Medical Company plans to launch an initial public offering (IPO) of a stake in the Saudi Stock Exchange’s parallel market, “Nomu”, according to a statement issued by the Capital Market Authority on Thursday.

Very fast background

The anticipated offering comes amid market anticipation of the repercussions of developments in the Middle East and the fate of the ongoing war between Iran and the United States, which has affected investor appetite. While the Saudi Stock Exchange has received two initial public offerings this year in addition to another ongoing offering, other companies have decided to postpone their anticipated offerings due to the tensions.

Nomu is a parallel market that allows small and medium-sized companies to offer and list their shares with fewer requirements than the main market. It also allows companies traded in it to move to the main market after two years after complying with the conditions of this market, with the exception of market value.

The Nomu market officially began in February 2017, at which time only initial public offerings were allowed, and then direct listings were officially allowed in February 2019.

More details about the potential offering + the company

(According to the Authority's statement, its official website, and LinkedIn)

- Founded in 2021, it operates only in Saudi Arabia, and is headquartered in Riyadh.

- It provides radiation therapy services for cancer patients.

- It intends to offer a 17.10% stake of its shares, equivalent to 3.3 million shares.

- The offering will be limited to categories of investors qualified according to the rules of the Capital Market Authority.

The company has not yet announced details of the offering or its expected date.

(Prepared by: Fatima Al-Kashef, Edited by: Omnia Assem and Shaimaa Hefzy, Contact: zawya.arabic@lseg.com )

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