First Avenue issues prospectus for IPO on Nomu

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
Shareholders	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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