Knowledge Tower Trading Co. will conduct an initial public offering of its 350,000 ordinary shares on the Nomu-Parallel Market according to the company’s plans, revealed by its financial advisor Watheeq Capital.
This represents around 20 percent of Knowledge Tower’s SR18 million ($5 million) share capital, which is divided into 1.75 million shares, as it was stated in a filing with the Stock Exchange.
The end price of the offering is expected to be determined once the book-building process for the offering has been completed.
The offering period will run from Oct. 30 through Nov. 3 for qualified investors, according to the statement.
As of Sept. 12, the Capital Market Authority has approved the company’s application to list on the parallel market Nomu.
This came after it secured the approval of the listing by the Saudi Exchange on July 24.
Watheeq Capital has been appointed as Knowledge Tower’s Financial Advisor, while Derayah Financial has been appointed as Knowledge Tower’s Lead Manager for the IPO.
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