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Saudi Arabia’s First Avenue Real Estate Development has set the price range for its initial public offering (IPO) on the kingdom’s parallel market NOMU at between 5.7 to 6 Saudi riyals per share ($1.52 to $1.60).
The offering period will begin on Tuesday, 10 September 2024 and will end on Monday 16 September 2024, according to Al Khair Capital, the company’s financial advisor and lead manager for the IPO.
On 5 June, First Avenue received approval from Saudi’s Capital Market Authority to offer 16.4 million ordinary shares on NOMU, representing 8.01% of the company’s shares.
(Writing by Bindu Rai, editing by Brinda Darasha)
