Saudi property firm Asas Makeen Real Estate has secured the approval from the Capital Market Authority (CMA) for its initial public offering (IPO) on the Saudi Stock Exchange Parallel Market Nomu.

Makeen is looking to float one million shares, representing 10% of the company’s share capital.

The offer will be confined to qualified investors, according to the CMA. A prospectus will follow.

Makeen is into real estate development, with projects ranging from luxury apartments and villas to townhouses.

(Writing by Cleofe Maceda; editing by Brinda Darasha)