Saudi cleaning services company Clean Life Co will make its trading debut on the parallel market of the Saudi Stock Exchange (Tadawul) next week, following an IPO.

The firm will trade its shares with the symbol 9581 and ISIN Code SA15SHO4LMH6 on Nomu on October 23, the Saudi Exchange announced on Thursday.

Clean Life had recently offered 300,000 shares or 20% of its capital, with the offer price set at 112 riyals ($29.86) per share. The offering, which ran between October 1 and 5, was more than 567% oversubscribed, Watheeq Capital, the company’s financial advisor said.

Clean Life is the latest to go public via the kingdom’s alternative stock exchange, which is designed to cater to SMEs and other businesses.

Nomu has been seeing a significant number of businesses offering their shares, with last year alone registering 32 new companies on the parallel market. The number of companies listing on Nomu surged by more than 228% in 2022 to reach 46 businesses.

(Writing by Cleofe Maceda; editing by Brinda Darasha)