Sumou Real Estate Co. issued a prospectus for its initial public offering (IPO) on the parallel market (Nomu).
The company plans to float 7.50 million shares or 30% of its SAR 250 million capital in the planned IPO.
The prospectus determined the offering price at SAR 24 per share for a total of SAR 180 million.
In December, the Capital Market Authority (CMA) approved Sumou Real Estate Co.’s request to sell 7.5 million shares on Nomu, Argaam reported.
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Major Shareholders |
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|
Shareholder |
Number of shares after IPO (mln shares) |
Stake % |
|
Sumou Holding |
17.15 |
68.6 % |
|
Bisan Commercial and Real Estate Investment Co.* |
0.18 |
0.7 % |
|
Sumou Society |
0.18 |
0.7 % |
|
Public |
7.50 |
30.0 % |
|
Total |
25.00 |
100.00 % |
*Owns 3.47% in Sumou Real Estate after IPO indirectly through Sumou Holding and Sumou Society.
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Company Profile |
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|
Company |
Sumou Real Estate |
|
Market |
Nomu |
|
Main activities |
It works in implementing and managing real estate development and investment in the Kingdom of Saudi Arabia, such as commercial centers, residential complexes, housing units and infrastructure for industrial and commercial establishments, economic cities and free zones. |
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Capital |
SAR 250 mln |
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IPO Summary |
|
|
Issue percentage (%) |
30% |
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Number of shares offered |
7.50 mln shares |
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IPO Price |
SAR 24/share |
|
Issue size |
SAR 180 mln |
|
Qualified subscribers |
Qualified investors according to the Capital Market Authority |
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IPO minimum limit |
10 shares |
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IPO maximum limit |
1.25 mln shares |
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IPO period |
From Feb. 16, 2020 until March 19, 2020 |
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Allotment |
March 24, 2020 |
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Surplus return |
March 29, 2020 |
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Additional Information |
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Financial advisor |
Al Dukheil Financial Group |
|
Receiving banks |
Derayah Financial |
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