Sumou Real Estate debuts on Nomu today

Sumou Real Estate Co. will start trading on the Nomu Parallel Market as of today, under the symbol 9511 with a daily fluctuation limit of 20%, according to the Saudi Stock Exchange (Tadawul).

This is the first listing of 2020, bringing the number of traded companies to 5 after 6 companies transitioned to the main market.

Sumou’s initial public offering (IPO), which closed on April 30, 2020, was 236% oversubscribed by 113 subscribers who bought 2.95 million shares.

According to data compiled by Argaam, the IPO price was set at SAR 24 per share.

On April 28, the Capital Market Authority (CMA) approved Sumou’s request of reducing the number of shares to be offered on the parallel market (Nomu) to 1.25 million shares, representing 5% of the company's share capital.

About the company

Sumou Real Estate Co., which is 98% owned by Sumou Holding Group, manages and develops real estate projects since 2008, with a capital of SAR 250 million.

Sumou Real Estate operates in the field of implementing and managing real estate developments and investments in Saudi Arabia, such as commercial centers, housing complexes, residential units, and infrastructure for industrial and commercial establishments, economic cities, and free zones.

Sumou Holding is the major shareholder in Sumou Real Estate, holding 92.44% following the IPO.

*The company will indirectly own 4.67% of Sumou Real Estate after IPO through its 5% stake in Sumou Holding and Sumou Society

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