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Arabian Romoz Company, the Saudi real estate development firm, plans to float 950,000 shares or 11.95% of its share capital in a Nomu IPO.
The offer will be confined to qualified investors. The announcement by Arabian Romoz comes the same week as another Saudi-based real estate firm, MSGA Investment Company (MSGA), readies for its float on the parallel market with a plan to raise approximately SAR 66.7 million ($17.8 million).
On Sunday, lead manager Yaqeen Capital said the potential offering was oversubscribed by 144.59%, with the float involving the issuance of 11.11 million ordinary shares, representing 10% of the company’s share capital. A trading date has yet to be announced.
(Writing by Bindu Rai, editing by Seban Scaria)
