Saudi parallel market Nomu sees IPO momentum in 2023
The Parallel Market (Nomu) of the Saudi Exchange (Tadawul) witnessed an unprecedented leap in new initial public offerings (IPOs) in 2022, welcoming 32 new companies to the market.
The number of Nomu-listed companies skyrocketed by 228.60% in 2022 to reach 46 companies, compared to 14 companies a year earlier, according to data collected by Mubasher based on official figures.
Proceeds raised through new IPOs on the Nomu parallel market totalled SAR 1.25 billion in 2022, down 33.80% from SAR 1.89 billion in 2021, whereas the number of shares offered for subscription soared by 207.80% to 26.47 million shares from 8.60 million.
The launch of the Saudi parallel market comes as part of the financial market’s development plans aimed at achieving the Kingdom’s Vision 2030, which reiterates the necessity of building an advanced, global financial market to increase financing opportunities and enhance the economic and investing capabilities of Saudi-based companies.
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