Sumou Real Estate issues prospectus for IPO on Nomu

11/02/2020 Argaam

 

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.

  

Major Shareholders

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.

 

Company Profile

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.

Capital

SAR 250 mln

 

IPO Summary

Issue percentage (%)

30%

Number of shares offered

7.50 mln shares

IPO Price

SAR 24/share

Issue size

SAR 180 mln

Qualified subscribers

Qualified investors according to the Capital Market Authority

IPO minimum limit

10 shares

IPO maximum limit

1.25 mln shares

IPO period

From Feb. 16, 2020 until March 19, 2020

Allotment

March 24, 2020

Surplus return

March 29, 2020

 

Additional Information

Financial advisor

Al Dukheil Financial Group

Receiving banks

Derayah Financial

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