Subscription to ASAS Makeen 1M shares starts today on Nomu

Logo of ASAS Makeen Real Estate Development Co.

Qualified investors started today, May 19, subscribing to one million shares of ASAS Makeen Real Estate Development Co. on the Nomu-Parallel Market at SAR 80 per share.

The offered shares represent 10% of the company’s SAR 100 million share capital, divided into 10 million shares, at SAR 10 par value.

For More IPOs

The share sale will run for five working days until May 25, 2025.

The offerings of ASAS Makeen and Dome International for Investment Co. will bring this year’s initial public offerings (IPOs) to 14 on Nomu.

Nomu witnessed 28 IPOs last year.

In December 2024, the Capital Market Authority (CMA) approved the company’s application 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 fulfill 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.

Key background

ASAS Makeen was established as a limited liability company in 2011 in Riyadh. It later transformed into a closed Saudi joint-stock company.

Its current actual business activity is developing and investing in lands through the construction, marketing, and leasing of real estate units, commercial complexes, and office buildings on plots owned by the company or third parties.