First Avenue Sets IPO Price Range for NOMU Listing
The offering period will start on September 10th and end on September 16th.
Saudi Arabia’s First Avenue Real Estate Development has announced a price range of SAR 5.7 to SAR 6 per share ($1.52 to $1.60) for its upcoming initial public offering (IPO) on the parallel market, NOMU.
Read More: Al-Hokail Academy Cancels IPO on Nomu Market
The offering period will start on September 10th and end on September 16th, according to Al Khair Capital, the financial advisor and lead manager for the IPO.
First Avenue received approval from the Capital Market Authority (CMA) on June 5th to offer 16.4 million ordinary shares, representing 8.01% of the company on NOMU.
In July, Saudi Arabia's Tharwah Company, a human resources advisory firm, disclosed its intentions to launch an initial public offering (IPO) on the parallel market Nomu.
Recently, Saudi Arabia’s Al-Hokail Academy Specialized Digital Polyclinics Company decided to cancel its planned IPO on the Parallel Market (Nomu) of the Saudi Exchange.
Nomu is a parallel equity market with more flexible listing requirements, providing an alternative platform for companies to go public. Investment in this market is limited to Qualified Investors.