Service Equipment Company’s initial public offering (IPO) has been oversubscribed by 147.02%  ahead of its listing on the Saudi Stock Exchange (Tadawul) Parallel Market Nomu.

The company floated 720,000 ordinary shares, representing a 30% stake, with the final offer price set at SAR84 ($22.4) per share, at the top of the previously announced range of SAR 80 to SAR 84. The book-building period ran from April 13 to April 17, 2025.

Service Equipment obtained the approval to launch the share offering last December.

The company’s financial advisor, Yaqeen Capital, will determine the date for listing of Service Equipment’s shares on Nomu after completing the required procedures.

The Jeddah-headquartered firm specialises in providing garage equipment for automotive businesses.

(Writing by Cleofe Maceda; editing by Seban Scaria) seban.scaria@lseg.com