First Avenue to debut on Nomu on Oct. 16

Logo of First Avenue Real Estate Development Co.

First Avenue Real Estate Development Co. will start trading on the Nomu-Parallel Market on Oct. 16 under the symbol 9610 and ISIN code SA164G34M512.

For More IPOs

The stock will have daily and static price fluctuation limits of ±30% and ±10%, respectively, the Saudi Exchange (Tadawul) revealed today, Oct. 14.

In a separate statement, the Securities Depository Center Co. (Edaa) announced that the subscribed securities of First Avenue were added today to the accounts of eligible shareholders.

According to data available on Argaam, qualified investors began subscribing to 16.42 million shares of First Avenue at SAR 6 each on Sept. 10.  

The offered shares represent 8.01% of the company's post-IPO capital, totaling SAR 205 million, or 8.7% of its pre-IPO capital. The coverage ratio reached 740.1% of the total shares offered.