ASAS Makeen IPO on Nomu 1,949% oversubscribed

Logo of ASAS Makeen Real Estate Development Co.

Yaqeen Capital, the financial advisor and lead manager for the initial public offering (IPO) of ASAS Makeen Real Estate Development Co., announced the completion of the offering on the Nomu-Parallel Market, which was 1,949.5% oversubscribed at SAR 80 a share.

More than 19.49 million shares were requested, representing a subscription value of SAR 1.56 billion during the offering period from May 19 to 25, the brokerage said in a statement to Tadawul on May 28.

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Yaqeen Capital will finalize the required procedures with Tadawul before determining ASAS Makeen’s debut date.

According to Argaam’s data, ASAS Makeen earlier announced floating one million shares on Nomu, priced at SAR 80 each.

These shares represent 10% of the company's SAR 100 million capital, divided into 10 million shares at a par value of SAR 10 each.