CMA OKs Arabian Romoz’s 950,000 share offering on Nomu

The Capital Market Authority board approved Arabian Romoz Co.'s initial public offering of 950,000 shares on the Nomu parallel market, the regulator said. The approval is a required regulatory step before the company can proceed with the listing.

Nomu, the Saudi exchange's platform for smaller companies, has attracted a growing number of listings as the CMA encourages small and medium enterprises to access public equity. For Arabian Romoz, the IPO will provide capital without the more demanding requirements of the main market.

The CMA has gradually lowered barriers for Nomu listings, including reducing the minimum capital requirement and simplifying disclosure, to attract more SMEs. The board's approval of Arabian Romoz fits that pattern.

The company now must file a prospectus and set a price range. No subscription date has been announced. The offering size is 950,000 shares, though the final amount raised will depend on the share price. The percentage of the company being offered was not disclosed. The company's sector and financial details were not included in the announcement. The shares will trade under a Nomu ticker once the IPO completes.