First Avenue IPO on Nomu 740% oversubscribed; offer price set at SAR 6

Logo of First Avenue Real Estate Development Co.

Al Khair Capital, the financial advisor and lead manager on the initial public offering (IPO) of First Avenue Real Estate Development Co. on the Nomu-Parallel Market, announced the completion of the subscription process, with the offer price set at SAR 6 per share, the maximum limit of the price range.

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In a statement to Tadawul, the company said the coverage ratio reached 740.1% of the total shares offered, which totaled 16.42 million shares, representing 8.01% of the company's post-IPO capital.

The number of participating qualified investors reached 819.

According to data available on Argaam, qualified investors started, on Sept. 10, subscription to 16.42 million shares of First Avenue on Nomu. The offering range has been set between SAR 5.7 to SAR 6 apiece.

The offered shares represent 8.01% of post-IPO capital, amounting to SAR 205 million, or 8.7% of pre-IPO capital.

Subscription by qualified investors ran for five business days until Sept. 16.