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.
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.
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Company Profile |
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Company |
First Avenue Real Estate Development Co. |
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Market |
Nomu-Parallel Market |
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Core Activities |
Administrative and training consultation |
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Capital Pre-IPO |
SAR 188.58 mln |
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Number of Shares before IPO |
188.58 mln |
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Capital Post-IPO |
SAR 205 mln |
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Number of Shares after IPO |
205 mln |
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Par Value |
SAR 1/share |
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IPO Summary |
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Issue Percentage |
8.01% of post-IPO capital (or 8.7% pre-IPO capital) |
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Offered Shares |
16.42 mln |
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IPO Minimum Limit |
100 shares |
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IPO Maximum Limit |
10,249,999 shares |
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Offer Period |
Five working days from Sept. 10-16, 2024 |
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Final Allocation |
Sept. 23, 2024 |
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Surplus Refund (If Any) |
Sept. 26, 2024 |
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Company Shareholders |
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Shareholders |
Pre-IPO |
Post-IPO |
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Number of Shares (‘000 shares) |
Ownership (%) |
Number of Shares (‘000 shares) |
Ownership (%) |
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First Avenue |
15750.00 |
8.35 % |
15750.00 |
7.68 % |
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Dar Al Majed Real Estate |
29771.93 |
15.79 % |
29771.93 |
14.52 % |
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Hassan Alamri |
750.00 |
0.40 % |
750.00 |
0.37 % |
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Nader Alamri* |
68808.92 |
36.49 % |
68808.92 |
33.57 % |
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Attallah Alamri |
617.93 |
0.33 % |
617.93 |
0.30 % |
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Asrar Aljahdali |
75.00 |
0.04 % |
75.00 |
0.04 % |
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First Avenue (Treasury Shares) |
18866.57 |
10.00 % |
18866.57 |
9.20 % |
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Construction & Planning (C&P) |
1666.67 |
0.88 % |
1666.67 |
0.81 % |
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Other shareholders owning less than 5% (69 Shareholders) |
52269.05 |
27.72 % |
52269.05 |
25.50 % |
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Public (Qualified Investors) |
-- |
-- |
16423.95 |
8.01 % |
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Total |
188576.05 |
100 |
205000.00 |
100 % |
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Additional Information |
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Financial Advisor & Lead Manager |
Alkhair Capital |
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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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