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

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.

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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.