Saudi Arabia’s brand new parallel market for
smaller companies has seen its first ever initial public
offering (IPO), by a local restaurant chain.
Raydan Cuisines & Restaurants, a Jeddah-based company,
became the first company to list on the Nomu, Arabic for
30% of its shares.
The parallel market, launched in January, is loosely
modelled on London’s AIM market, with
lighter-touch and less expensive listing requirements.
It’s the first of its kind in the region, and on
the first day of trading
a total of nine firms out of 77 applications were
"The backbone of the Saudi economy is of course Aramco and
oil, but on a private sector level family businesses and SMEs
have also been hit by austerity measures. So the authorities
have been under pressure to do something about the stock
market," said Sanjarbek Abdukhalilov, partner at Shearman &