Saudi-based real estate firm Asas Makeen is gearing up to make its public market debut with a share listing on Nomu, the Saudi Exchange’s parallel market, scheduled for next week. The much-anticipated float marks a strategic leap forward for the company and reinforces its ambitions for long-term growth in the kingdom’s evolving real estate and investment landscape.
With excitement steadily building, Asas Makeen’s IPO is shaping up to be one of the most closely watched listings on Nomu this year—both for its scale and its potential to attract broader investor interest.
The Details Behind the Debut
As part of the upcoming IPO, Asas Makeen is offering 1 million shares, which equates to 10% of its share capital. Priced at SAR 80 per share, the company is poised to raise SAR 80 million, solidifying its financial base for the next phase of development.
This isn’t just a routine fundraising exercise. The float represents a pivotal shift—from a high-performing private developer to a more transparent, publicly accountable organization. For a company with years of proven delivery in the real estate sector, this move opens the doors to new partnerships, deeper capital access, and an opportunity to elevate its brand profile on a national scale.
The listing will trade under the ticker symbol 9640, and all eyes are on how it will perform in its opening week.
Strong Demand: An Oversubscribed Success
Ahead of its market debut, Asas Makeen’s shares saw significant demand during the subscription period. Investor enthusiasm was extraordinary, with the IPO reportedly oversubscribed nearly 20 times. This dramatic response underlines investor belief in the company’s fundamentals, future growth potential, and operational credibility.
Such strong demand is not common, even in a booming market, and it reflects a growing appetite for real estate-driven investment opportunities in Saudi Arabia. It also sends a clear signal that both institutional and qualified individual investors are paying attention to mid-sized firms making bold moves on Nomu.
With this level of interest, Asas Makeen’s entry could serve as a catalyst for similar firms considering a listing but waiting for market validation.
Why Nomu?
Nomu was established to offer an easier and faster route to market for small-to-medium-sized companies seeking capital. While the regulatory requirements are lighter than the Main Market, Nomu still provides a high degree of investor access and visibility—making it an ideal platform for high-growth companies like Asas Makeen.
By choosing to list on Nomu, Asas Makeen is sending a message of strategic intent. It’s not just about raising capital—it’s about participating in a broader national mission to deepen and diversify Saudi capital markets as part of Vision 2030.
The move also allows the company to strengthen its corporate governance structure, enhance financial transparency, and prepare itself for possible future upgrades to the Main Market.
Built on a Solid Foundation
Asas Makeen isn’t new to the spotlight. With a track record of delivering more than 80 real estate projects, the company has quietly built a reputation for quality, delivery, and innovation in the Saudi housing and mixed-use development space.
It serves a broad client base and operates across key cities in the Kingdom, playing a central role in the government’s housing objectives and broader urban planning efforts.
Financially, Asas Makeen is in a strong position. Its reported profits hit SAR 108 million in 2024, a significant increase over the previous year. That’s nearly 60% growth year-over-year—a powerful testament to its operating efficiency and demand-driven success.
This kind of performance not only supports the company’s valuation but reassures investors that Asas Makeen is a business capable of sustaining momentum beyond the IPO.
Day-One Trading Expectations
As trading begins, Asas Makeen’s shares will follow Nomu’s standard price fluctuation rules—allowing up to ±30% daily movement, with static pricing limited to ±10%. These wide bands can generate significant short-term volatility, making the opening day both exciting and unpredictable.
Early investors and market watchers alike will be looking at key indicators—trading volume, first-day price changes, and post-listing updates—to gauge long-term potential. There is also likely to be attention on whether the initial surge in demand holds up or levels off.
While Nomu is limited to qualified investors, its performance still acts as a broader sentiment signal for the real estate sector and IPO pipeline in the region.
Strategic Plans for Growth
Going public is just the beginning. Asas Makeen has ambitious growth plans that go beyond the balance sheet. With the proceeds of the IPO, the company aims to reinvest in land acquisition, expand project development capacity, and potentially explore new geographical markets within Saudi Arabia.
It also has its sights on delivering larger-scale community and commercial projects that align with the country’s vision for urban transformation and housing availability.
Additionally, the transparency and governance standards associated with public listing will likely make the company more attractive to institutional investors and government-related contracts—unlocking further revenue streams.
Ripple Effects Across the Sector
The positive reception to Asas Makeen’s IPO could inspire a domino effect. With investor attention now focused on Nomu, similar companies with solid fundamentals and under-leveraged growth potential might view this as the perfect time to go public.
As the government continues to prioritize real estate development, particularly affordable housing and infrastructure, the sector is being increasingly seen as a pillar of sustainable national growth. In that context, Asas Makeen’s success story could soon become the template for others to follow.
Moreover, this listing helps to further diversify the Nomu market, which traditionally has a mix of tech, industrial, and service companies. A strong real estate player entering the mix introduces variety, encourages sector-specific funds, and improves liquidity in a key area of the economy.
A Milestone Moment
Asas Makeen’s listing isn’t just a big step for the company—it’s a milestone for the real estate industry and for Saudi Arabia’s journey toward more dynamic capital markets.
It proves that local firms can access public funding without needing billion-riyal balance sheets, and that investors are actively looking for quality, mid-sized businesses to support.
The momentum building around this IPO is about more than short-term gains—it’s about confidence, transparency, and alignment with national goals. For Asas Makeen, this isn’t the finish line—it’s the start of something bigger, bolder, and far more public.
As the clock ticks toward next week’s trading debut, all eyes are on what could be the most impactful move yet in the company’s journey—and perhaps the start of a new chapter in Nomu’s own evolution.
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