Property developer Asas Makeen’s share price gained 14.4% on its Nomu debut yesterday, closing at SAR 91.50, according to market data. The price peaked at SAR 100 during the session.

Shares are still subject to the usual Nomu debut rules — a 30% price fluctuation cap and a static 10% band over the first three sessions, followed by a 10% daily circuit breaker.

ICYMI- The firm floated a 10% stake — 500k shares — at SAR 80 apiece in a secondary offering that was 19.5x oversubscribed, with qualified investors booking SAR 1.6 bn in orders for an estimated market cap of SAR 800 mn at listing. Yaqeen Capital acted as the lead manager and financial advisor on the transaction, while RSM was the auditor.

The firm joined Anmat Technology in bucking a recent trend of slumping IPO performances on the parallel market. Multi-sector operator Anmat Technology’s stock gained 4.74% on its market debut last week, after its primary offering was 3x oversubscribed, reflecting strong investor appetite.

The slump hit other Nomu IPOs, including Al Kuzama Trading, which shed 15% on its Nomu debut earlier this month. Axelerated Solutions also saw its share price fall 3%, while Dkhoun National dropped 19.8%, Service Equipment Company declined 10%, and Future Vision for Health Training slipped 5.3% on their first trading day. All continue to trade below their final IPO price.

Some IPO hopefuls didn’t even make it to market: Dome International and AlkhaldiLogistics pulled the plug on their planned Nomu listings this month. While neither company disclosed reasons for the withdrawal, faltering demand at the marketed price range likely forced the cancellations.

What this could mean: While oversubscription ratios remain relatively high, IPO performances on Nomu appear increasingly decoupled from demand at the bookbuild stage, suggesting a more cautious retail investor base or potential mismatch between valuations and actual secondary liquidity

IN OTHER ASAS MAKEEN NEWS-

The real estate developer secured a SAR 240 mn development agreement with the National Housing Company(NHC) for its Tali’at Al Mashraqiyah project in Riyadh, it said in a disclosure to Tadawul yesterday. The 42-month agreement will cover superstructure development works and residential units in the project.

The details: The contract will see Asas Makeen develop commercial and service facilities along with 470 residential units over a 71.2k sqm area. The residential units' sale is slated to kick off once an off-plan sales license is received.

IN CONTEXT- Asas Makeen has delivered 80 projects so far, including 5k residential units, with a total of SAR 4 bn in pipeline projects for 2025-2026, the company’s CEO Abdulrahman Al Hadlaq told EnterpriseAM last month.

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