First Avenue issues prospectus for IPO on Nomu

14/08/2024 Argaam
Logo of First Avenue Real Estate Development Co.

Logo of First Avenue Real Estate Development Co.


First Avenue Real Estate Development Co. issued today, Aug. 14, a prospectus to offer 16.42 million shares on the Nomu-Parallel Market.

 

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

 

For More IPOs

 

The share sale will run from Sept. 10-16. It will be only for qualified investors stipulated in the glossary of defined terms used in the Capital Market Authority’s (CMA) rules and regulations.

 

The offering was approved by the market regulator in June.

 

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

 

The company’s activities include general construction of residential buildings and non-residential buildings such as schools, hospitals, and hotels, among others. It also establishes prefabricated buildings on sites and renovates residential and non-residential buildings. First Avenue buys, sells, and subdivides real estate and land and engages in off-plan sales activities.

 

First Avenue manages and leases owned or leased properties (residential and non-residential), in addition to real estate brokerage and property management activities for commission.

 

The current business of the company focuses on development and 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 

Administrative and training consultation

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

 

IPO Summary

Issue Percentage

8.01% of post-IPO capital (or 8.7% pre-IPO capital)

Offered Shares

16.42 mln

IPO Minimum Limit

100 shares

IPO Maximum Limit

10,249,999 shares

Offer Period

Five working days from Sept. 10-16, 2024

Final Allocation

Sept. 23, 2024

Surplus Refund (If Any)

Sept. 26, 2024

 

Company Shareholders

Shareholders

Pre-IPO

Post-IPO

Number of Shares

(‘000 shares)

Ownership (%)

Number of Shares

(‘000 shares)

Ownership (%)

First Avenue

15750.00

8.35 %

15750.00

7.68 %

Dar Al Majed Real Estate

29771.93

15.79 %

29771.93

14.52 %

Hassan Alamri

750.00

0.40 %

750.00

0.37 %

Nader Alamri*

68808.92

36.49 %

68808.92

33.57 %

Attallah Alamri

617.93

0.33 %

617.93

0.30 %

Asrar Aljahdali

75.00

0.04 %

75.00

0.04 %

First Avenue (Treasury Shares)

18866.57

10.00 %

18866.57

9.20 %

Construction & Planning (C&P)

1666.67

0.88 %

1666.67

0.81 %

Other shareholders owning less than 5% (69 Shareholders)

52269.05

27.72 %

52269.05

25.50 %

Public (Qualified Investors)

--

--

16423.95

8.01 %

Total

188576.05

100

205000.00

100 %

 *Nader Alamri owns 12.6 million shares (6.68% pre-IPO capital and 6.15% post-IPO capital) indirectly through First Avenue. He also owns 297,700 shares (0.16% pre-IPO capital and 0.15% post-IPO capital) through Dar Al Majed Real Estate.

 

Additional Information

Financial Advisor & Lead Manager

Alkhair Capital

Receiving Entities

Al Rajhi Capital - Albilad Capital - Riyad Capital - SNB Capital - Alistithmar Capital - Alinma Investment - AlJazira Capital - ANB Capital - SAB Invest - Derayah Financial - Saudi Fransi Capital - Yaqeen Capital - Alkhabeer Capital

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