Quara Finance, a distinguished Saudi entity specializing in Sharia-compliant financial offerings, recently celebrated its successful initiation on the Nomu — Parallel Market, a component of the Saudi Exchange known as Tadawul. This event was highlighted in a recent announcement by the company.
Nomu is an auxiliary stock market that allows for a more lenient approach to company listings compared to traditional avenues, aiming to facilitate the public trading of shares for businesses.
The initial public offering (IPO) by Quara Finance saw the release of 2.65 million shares, constituting roughly 8.83 percent of the company’s capital. The offering witnessed an impressive subscription rate, with a 218 percent oversubscription, signaling robust investor confidence in the company’s future growth. Interested and qualified investors snapped up the shares at a rate of SAR 15 each.
Quara Finance, a firm that excels in providing financial services to consumers and small-to-medium enterprises (SMEs), has gained recognition as an innovator in its field. It boasts an array of unique financial products and services designed to cater to a varied client base, while also upholding the highest levels of corporate governance and ethical standards within its operations.
Faisal Abdulrahman al-Alshaikh, the Chief Executive Officer (CEO) of Quara Finance, offered his insights on the listing’s significance. He remarked, This milestone represents a significant step in our journey. Our entry into the public market reflects our strategic vision for a sustainable growth trajectory and commitment to expanding our business operations. With a strong focus on digital transformation, technological innovation, and customer-centricity, we will continue to strengthen our position as a key player in the Saudi financial sector.
Founded in 2009 as a Limited Liability Company (LLC), Quara Finance has reached a formidable capital standing of SAR 300 million. It serves an extensive customer base with more than 200 corporate clients and a personal customer count exceeding 90,000 individuals.