Asas Makeen for Development and Real Estate Investment is set to float 10% of its share capital (good for 1 mn shares) on the Nomu parallel market, the company said in its prospectus (pdf).

What’s next? The IPO subscription period will run between 19-25 May, with the minimum subscription set at 10 shares per qualified investor and the maximum at c. 500k shares. The final allocation will be announced by 28 May, while the final offer price is yet to be disclosed.

It's a secondary share sale: All shares offered will be sold by the company’s current shareholders, meaning Asas Makeen will not receive any proceeds from the offering. Some SAR 4 mn will be deducted from the proceeds to cover transaction-related expenses.

Following the IPO, existing shareholders will retain a 90% stake, maintaining control of the company. The only substantial shareholder will see his holding diluted to 86.4%, down from 96%, and will be under a 12-month lock-up period from the first day of trading.

Earnings snapshot: The company’s net income rose 27.1% y-o-y to SAR 25.3 mn in 1H 2024, while its revenues declined 32.6% to SAR 89 mn.

ADVISORS- Yaqeen Capital is acting as lead manager and financial advisor on the transaction, while RSM is the auditor. Receiving agents include Alistithmar Capital, Alinma Capital, SNB Capital, Aljazira Capital, Riyad Capital, ANB Capital, Derayah, Alrajhi Capital, BSF Capital, SAB Invest, AlKhabeer Capital, Sahm, and GIB Capital.

Other Nomu listings to watch out for in 2025:

  • Auto equipment distributor Service Equipment Company is guiding on a price range of SAR 80-84 per share for its upcoming Nomu IPO of a 30% stake;
  • Al Khalidi Logistics lined up the Capital Market Authority’s (CMA) approval in December to take a 7% stake to the parallel market;
  • Qudra for Communications and IT got the go-ahead from the CMA to list 5 mn shares — good for an 18.2% stake — on Nomu last month ;
  • Hawiya Auctions was also approved to offer a 12% staks — 2.4 mn shares — on Nomu;
  • The National Signage Industrial Company, a subsidiary of Tadawul-listed Arabian Contracting Services, was cleared last month to IPO a 20% stake — amounting to 1.5 mn shares — on Nomu;
  • School operator Dome International for Investment is floating some 850k new shares on Tadawul’s parallel market Nomu, representing 14.53% of its post-IPO capital.
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