Qualified investors started today, July 9, subscription to 1.05 million shares of Professional Medical Expertise Co. (ProMedEx) in an initial public offering (IPO) on Nomu-Parallel Market.

The offered shares represent 30% of the company's SAR 35 million capital, divided into 3.5 million shares. The price range was set between SAR 63 and SAR 68 per share.

The subscription period will run until July 16.

On March 27, the Capital Market Authority (CMA) approved ProMedEx's application to float 30% of its capital on Nomu, according to data available with Argaam. 

The subscription is limited to certain categories of investors, including capital market institutions authorized to act on their own account, as well as clients of capital market institutions authorized to carry out management operations. This is provided that they are appointed under terms that enable them to take decisions related to accepting participation in the share offering and investment in Nomu on behalf of clients without prior consent.