Logistics · KSA
Pre-IPO ValuationProject Rihla
An independent valuation that held when the IPO priced
Delivered shareholder-facing independent valuation and sell-side due-diligence ahead of a Saudi logistics listing on the Tadawul Nomu parallel market. The subsequent offering price validated LMA's analytical framework — in a 2024-2025 window when several logistics candidates on Nomu withdrew due to insufficient subscription coverage.
Challenge
A Saudi logistics group approaching a Nomu listing needed a valuation that was not prepared by its audit firm (a common but structurally conflicted practice) and not skewed toward the sponsor's preferred narrative. The 2024-2025 Nomu environment was harsh on weakly priced logistics offerings: at least one well-known logistics candidate withdrew their listing when subscription coverage fell short. Shareholders wanted a number they could defend among themselves before defending it to the market.
Approach
LMA built a triangulated valuation: a DCF grounded in per-route unit economics, a comparables set drawn from Tadawul and Nomu-listed logistics peers, and a transaction benchmark set incorporating the GCC post-2023 IPO window. Sell-side due diligence ran in parallel to stress-test the numbers under Capital Market Authority (CMA) disclosure standards. A single partner handled every shareholder question personally — no junior analyst intermediated the value conversation.
Outcome
Offering priced within LMA's valuation corridor. Shareholders aligned before the roadshow. The post-listing analyst range remained within the band modelled.
Led by
Ali Zaidi · Kamran Kazim
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