First Avenue gets CMA’s nod to float 8% stake on Nomu

05/06/2024 Argaam
Logo of First Avenue Real Estate Development Co.

Logo of First Avenue Real Estate Development Co.


First Avenue Real Estate Development Co. obtained the go-ahead from the Capital Market Authority (CMA) today, June 5, to register and offer 16.42 million shares, representing 8.01% of its share capital, on Nomu-Parallel Market.

 

The offering will be confined to qualified investors and the prospectus will be published within sufficient time prior to the offering’s start, the market regulator said in a statement.

 

For More IPOs

 

The approval is valid for six months. It shall be deemed cancelled if the offering and listing are not finalized within this period.
 

According to data available to Argaam, First Avenue Real Estate Development is a closed Saudi joint stock company, based in Riyadh. It was established in 2017, and its capital currently amounts to SAR 188.6 million. The company operates mainly in the field of real estate investment and development, as it works on commercial and residential projects, by forming specialized alliances and partnerships with real estate funds and local banks. The company's portfolio of projects under implementation exceeds SAR 1 billion.
 

In 2021, the company appointed Alkhair Capital as financial advisor on its Nomu offering.

Comments {{getCommentCount()}}

Be the first to comment

loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.