Riyadh - Al Ramz Real Estate Company set the price range for its initial public offering (IPO) on the Parallel Market (Nomu) of the Saudi Exchange (Tadawul) at SAR 61–67 per share.
The final IPO price will be determined after the bidding and book-building period, which takes place from 22 November to 1 December 2022, according to a recent bourse disclosure.
Al Ramz plans to list 3.33 million shares, accounting for 10% of its post-offering share capital. Each eligible investor can apply for a minimum number of 10,000 shares, while the maximum amount can reach 1.66 million shares.
Meanwhile, the bookrunner can lower the number of shares allocated to qualified investors to a minimum of 3 million ordinary shares, representing nearly 90% of total offering shares.
It is worth mentioning that ANB Capital acts as the financial advisor, bookrunner, and lead manager for the IPO.
Last October, the Capital Market Authority (CMA) greenlighted Al Ramz’s request to trade on Nomu.
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