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Logo of First Avenue Real Estate Development
Qualified investors start today, Sept. 10, subscription to 16.42 million shares of First Avenue Real Estate Development on the Nomu-Parallel Market.
The offering’s range has been set at SAR 5.7 and SAR 6 apiece.
The offered shares represent 8.01% of post-IPO capital, amounting to SAR 205 million, or 8.7% of pre-IPO capital.
Subscription by qualified investors will run for five business days until Sept. 16.
This is the 16th IPO on Nomu this year, as the offering of Al-Hokail Academy Specialized Digital Polyclinics Co. was cancelled and Kinan International for Real Estate Development Co. was delayed.
The Capital Market Authority (CMA) approved, in June 2024, the company’s request to float its shares on Nomu.
The subscription is limited to certain categories of investors, including capital market institutions authorized to act on their own accounts, as well as clients of capital market institutions authorized to carry out management operations.
This is provided that they are appointed under terms that enable them to take decisions related to accepting participation in the share offering and investment in Nomu on behalf of clients without prior consent.
The categories include the Saudi government, any government or international entity approved by the CMA, the Saudi market, any other financial market recognized by the CMA or the Securities Depository Center (Edaa).
They also include companies owned by the government, directly or through a portfolio managed by a person authorized to practice management operations. This is in addition to investment funds, companies and funds established in the GCC countries.
Investors qualified to participate in the subscription include non-resident foreigners who are allowed to invest in Nomu and who meet the requirements stipulated in the guidelines for investment of non-resident foreigners in Nomu.
They also include qualified foreign financial institutions and any legal person entitled to open investment accounts inside the Kingdom and with Edaa.
Natural persons are allowed to open investment accounts inside the Kingdom and with Edaa, provided they fulfil certain criteria, including the below:
They should have executed transactions in the securities markets worth a minimum of SAR 40 million, and at least 10 deals in each quarter during the past 12 months.
Natural persons should also have a net asset value of at least SAR 5 million and be working or have worked for at least three years in the financial sector.
They should hold a general certificate in securities dealing, approved by the CMA, and a professional certificate in the field of securities business, approved by an internationally-recognized body.
Company Profile
Headquartered in Riyadh, First Avenue is a closed joint-stock company established in 2017 as a limited liability company.
The current business of the company is development and investment in the real estate sector, through building residential and commercial real estate units.
Company Profile |
|
Company |
First Avenue Real Estate Development Co. |
Market |
Nomu-Parallel Market |
Core Activities |
Real Estate Industry |
Capital Pre-IPO |
SAR 188.58 mln |
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 |
IPO Summary |
|
Issue Percentage |
8.01% of post-IPO capital, or 8.7% pre-IPO capital |
Offered Shares |
16.42 mln |
IPO Minimum Limit |
100 shares |
IPO Maximum Limit |
10,249,999 shares |
Offer Period |
Five working days from Sept. 10-16, 2024 |
Final Allocation |
Sept. 23, 2024 |
Surplus Refund (If Any) |
Sept. 26, 2024 |
Makkah Construction and Development Co. (MCDC) signed, on Aug. 27, share purchase agreements with 57 shareholders of First Avenue Real Estate Development Co. to acquire a 30.13% stake, or 56.81 million ordinary shares, for SAR 340.89 million. The ownership was transferred and was reflected in the shareholders’ register of First Avenue.
Company Shareholders |
||||
Shareholders |
Pre-IPO |
Post-IPO |
||
Number of Shares (‘000) |
Ownership (%) |
Number of Shares (‘000) |
Ownership (%) |
|
MCDC |
56.81 |
30.13% |
56.81 |
27.71 % |
Nader Alamri* |
52.29 |
27.73 % |
52.29 |
25.51 % |
Dar Al Majed Real Estate |
18.86 |
10.00 % |
18.86 |
9.20 % |
First Avenue (Treasury Shares)** |
15.09 |
8.00 % |
15.09 |
7.36 % |
First Revenue |
11.03 |
5.85 % |
11.03 |
5.38 % |
Construction & Planning (C&P) |
1.25 |
0.66 % |
1.25 |
0.61 % |
Hassan Alamri |
0.375 |
0.20 % |
0.375 |
0.18 % |
Attallah Alamri |
0.309 |
0.16 % |
0.309 |
0.15 % |
Asrar Aljahdali |
0.038 |
0.02 % |
0.038 |
0.02 % |
Other Shareholders (65) |
32.52 |
17.24 % |
32.52 |
15.86 % |
Public (Qualified Investors) |
-- |
-- |
16.42 |
8.01 % |
Total |
188.58 |
100 % |
205.00 |
100 % |
*Nader Alamri owns 8.82 million shares (4.68% of pre-IPO capital and 4.30% of post-IPO capital) indirectly through First Avenue. He also owns 188,600 shares (0.10% of pre-IPO capital and 0.09% of post-IPO capital) through Dar Al Majed Real Estate.
** Treasury Shares
Additional Information |
|
Financial Advisor & Lead Manager |
Alkhair Capital |
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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