Asas Makeen's Saudi IPO 19 times oversubscribed, raises $415mln
The offering, which ran from May 19 to 25, 2025, received bids for nearly 19.5 million shares, raising a total of more than SAR 1.56 billion ($415 million), according to Yaqeen Capital, the financial advisor and lead manager for the IPO.
The company had offered a 10% stake or one million shares on the Saudi Stock Exchange Parallel Market Nomu, with the offering price set at SAR 80 per share.
The listing of the company's shares on Nomu will be determined after the required procedures with the Saudi Stock Exchange are finalised.
The Saudi real estate market has demonstrated strong momentum, with transaction volumes reaching $29 billion during the first three months of the year, according to CBRE Middle East.
The growth has been supported by government initiatives and heightened investor confidence.
(Writing by Cleofe Maceda; editing by Seban Scaria)
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