Logo of First Avenue Real Estate Development Co.
First Avenue Real Estate Development Co. will start trading on the Nomu-Parallel Market today, Oct. 16, under the symbol 9610 and ISIN code SA164G34M512, at SAR 6 per share.
The stock will have daily and static price fluctuation limits of ±30% and ±10%, respectively.
First Avenue offered 16.42 million shares to qualified investors, representing 8.01% of the company's post-IPO capital, totaling SAR 205 million. The coverage ratio reached 740.1% of the total shares offered.
This is the 19th listing on Nomu in 2024, including three direct listing and 16 offerings to qualified investors.
Nomu witnessed IPOs of 35 companies last year, divided into six direct listings, 29 offerings to qualified investors, and one REIT.
First Avenue’s listing brings the total number of companies on Nomu to 97, in addition to Alwaha REIT Fund.
Company Info:
Headquartered in Riyadh, First Avenue is a closed joint-stock company established in 2017 as a limited liability company.
The company’s activities include 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. |
|
Market |
Nomu-Parallel Market |
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Core Activities |
Real Estate |
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Capital Pre-IPO |
SAR 188.58 mln |
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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 |
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Company Shareholders |
||||
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Shareholders |
Before IPO |
After IPO |
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|
Number of Shares (mln shares) |
Ownership (%) |
Number of Shares (mln shares) |
Ownership (%) |
|
|
Makkah Construction |
56.81 |
30.13% |
56.81 |
27.71% |
|
Nader Alamri* |
52.29 |
27.73% |
52.29 |
25.51% |
|
Dar Al Majed Real Estate Co. |
18.86 |
10.00% |
18.86 |
9.20% |
|
First Avenue (Treasury Shares)** |
15.09 |
8.00% |
15.09 |
7.36% |
|
First Avenue Investment |
11.03 |
5.85% |
11.03 |
5.38% |
|
Construction & Planning (C&P) |
1.25 |
0.66% |
1.25 |
0.61% |
|
Hassan bin Ataaullah Alamri |
0.375 |
0.20% |
0.375 |
0.18% |
|
Ataaullah bin Hassan Alamri |
0.309 |
0.16% |
0.309 |
0.15% |
|
Asrar bint Atian Aljahdali |
0.038 |
0.02% |
0.038 |
0.02% |
|
Public from current shareholders (65 shareholders) |
32.52 |
17.24% |
32.52 |
15.86% |
|
The public (QFIs) |
-- |
-- |
16.42 |
8.01% |
|
Total |
188.58 |
100% |
205.00 |
100% |
*Nader Alamri owns 8.82 million shares (4.68% pre-IPO capital and 4.30% post-IPO capital) indirectly through First Avenue Investment. He also owns 188,600 shares (0.10% pre-IPO capital and 0.09% post-IPO capital) through Dar Al Majed Real Estate.
**Treasury shares
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