28/11/2023 14:02:56

Saudi Exchange Celebrates the Listing of Fad International Company on Nomu Parallel Market

Riyadh, 28 November 2023: The Saudi Exchange today celebrated the listing of Fad International Company, a leading fashion retail and e-commerce company in Saudi Arabia, as it lists on Nomu – Parallel Market of the Saudi Exchange. The listing ceremony was attended by Mr. Nayef Alathel, Saudi Exchange Chief of Listing and Mr. Eyad Mashat Board Member and CEO of Fad International Company.

Established in 1999, Fad International Company operates in the fashion retail industry. With its head office in Jeddah, Fad International has operations across the GCC and Middle East.

Nayef Alathel, Saudi Exchange Chief of Listing, said, “The listing of Fad International Company on Nomu – Parallel Market is a testament to the significant growth within the retail and e-commerce sectors in the Kingdom. Our ongoing initiatives to encourage private sector businesses, particularly those from industries such as retail, to list on the Saudi capital market form a vital part of the Financial Sector Development Program. We look forward to witnessing Fad International Company’ growth journey as a listed company.”

Eyad Mashat, Board Member and CEO of Fad International Company, commented, “Fad International Company was established in 1999, and since then, we have been working to expand rapidly in the fashion retail and e-commerce sector. Listing on Nomu – Parallel Market is a significant milestone in our company’s journey, which will strengthen our design, logistics and distribution capabilities, and support in geographical expansion in the Kingdom and the Arabian Gulf. The investor demand for the IPO demonstrates shareholders’ confidence in the growing fashion sector as well as our business and our team. We look forward to our new chapter as a listed entity”.

Nomu is the Saudi Exchange’s parallel equity market, which acts as an alternative platform for companies seeking to expand and go public. Nomu - Parallel Market aims to provide an opportunity for small and medium-sized companies to diversify their funding sources and develop their businesses and activities by offering lighter listing requirements in terms of market capitalization, minimum number of shareholders, and offering percentage. Nomu - Parallel Market is open only to qualified investors. 

Fad International Company offered 240,000 shares at the offering price of SAR 84 per share.