Naqawa for Information Technology (Purity Tech) is taking a 25% stake public in an IPO on Tadawul’s parallel market Nomu, Argaam reports, citing an IPO prospectus. The stake is equivalent to 3 mn ordinary shares. Purity Tech lined up Capital Market Authority approval for the move back in June.

The timeline: The institutional tranche of Purity Tech’s IPO runs between Wednesday-Tuesday, 16-22 October, with investors allowed to subscribe to a minimum of 100 shares and a maximum of 749.9k shares. The final allocation is slated for Sunday, 27 October, with excess funds set to be refunded by Tuesday, 29 October.

About Purity Tech: The Riyadh-based IT company offers a wide range of services including custom software design, web hosting, managed and cloud services, while also investing in venture capital. The outfit also specializes in the sale and maintenance of computer hardware, with partners including the likes of Dell Technologies, Microsoft, Oracle and Amazon AWS, according to its webpage.

ADVISORS- Yaqeen Capital is quarterbacking the transaction as financial advisor and lead manager. Receiving agents include Al Rajhi Capital, Albilad Capital, Riyad Capital, SNB Capital, Alistithmar Capital, Alinma Investment, AlJazira Capital, ANB Capital, SAB Invest, Derayah Financial, BSF Capital, and Alkhabeer Capital.