First Avenue shares debut on Nomu on today

Logo of First Avenue Real Estate Development Co.

First Avenue Real Estate Development Co. will start trading on the Nomu-Parallel Market today, Oct. 16, under the symbol 9610 and ISIN code SA164G34M512, at SAR 6 per share.

The stock will have daily and static price fluctuation limits of ±30% and ±10%, respectively.

For More IPOs

First Avenue offered 16.42 million shares to qualified investors, representing 8.01% of the company's post-IPO capital, totaling SAR 205 million. The coverage ratio reached 740.1% of the total shares offered.

This is the 19th listing on Nomu in 2024, including three direct listing and 16 offerings to qualified investors.

Nomu witnessed IPOs of 35 companies last year, divided into six direct listings, 29 offerings to qualified investors, and one REIT.

First Avenue’s listing brings the total number of companies on Nomu to 97, in addition to Alwaha REIT Fund.

Company Info:

Headquartered in Riyadh, First Avenue is a closed joint-stock company established in 2017 as a limited liability company.

The company’s activities include investment in the real estate sector by developing and constructing residential and commercial units.

Company Profile
Company	First Avenue Real Estate Development Co.
Market	Nomu-Parallel Market
Core Activities	Real Estate
Capital Pre-IPO	SAR 188.58 mln
Number of Shares before IPO	188.58 mln
Capital Post-IPO	SAR 205 mln
Number of Shares after IPO	205 mln
Par Value	SAR 1/share

Company Shareholders
Shareholders	Pre-IPO		Post-IPO
Shareholders	Number of Shares (mln)	Ownership (%)	Number of Shares (mln)	Ownership (%)
Makkah Construction	56.81	30.13%	56.81	27.71%
Nader Alamri*	52.29	27.73%	52.29	25.51%
Dar Al Majed Real Estate	18.86	10.00%	18.86	9.20%
First Avenue (Treasury Shares)**	15.09	8.00%	15.09	7.36%
First Avenue Investment	11.03	5.85%	11.03	5.38%
Construction & Planning (C&P)	1.25	0.66%	1.25	0.61%
Hassan bin Ataaullah Alamri	0.375	0.20%	0.375	0.18%
Ataaullah bin Hassan Alamri	0.309	0.16%	0.309	0.15%
Asrar bint Atian Aljahdali	0.038	0.02%	0.038	0.02%
Public from current 65 shareholders	32.52	17.24%	32.52	15.86%
The public (Qualified investors)	--	--	16.42	8.01%
Total	188.58	100%	205.00	100%

*Nader Alamri owns 8.82 million shares (4.68% pre-IPO capital and 4.30% post-IPO capital) indirectly through First Avenue Investment. He also owns 188,600 shares (0.10% pre-IPO capital and 0.09% post-IPO capital) through Dar Al Majed Real Estate.

**Treasury shares.

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