Saudi's Axelerated Solutions sets IPO price, seeks $21mln
Axelerated Solutions for Information and Communication Technology Company has priced its initial public offering on the Saudi Stock Exchange's parallel market (Nomu) at SAR 27 ($7.2) per share.
At this price, the IPO of 3 million ordinary shares, representing a 10.17% stake post-offering, could raise $21.6 million.
All the offer shares will be allocated to qualified investors, with the minimum subscription pegged at 100 shares.
The subscription period will run from May 15 to May 21, 2025. Value Capital Company has been appointed as the financial advisor and lead manager for the offering.
Last December, the IT firm secured the approval from the Capital Market Authority (CMA) to proceed with the IPO.
Headquartered in Riyadh, Axelerated Solutions provides a range of IT services and solutions.
(Writing by Cleofe Maceda; editing by Seban Scaria)
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