Riyadh – Mubasher: Kinan International Real Estate Development Company has postponed its initial public offering (IPO) on the Parallel Market (Nomu) of the Saudi Exchange (Tadawul).

The offering period was supposed to take place from 25 February to 29 February 2024, according to a bourse disclosure.

The Capital Market Authority (CMA) greenlighted Kinan’s IPO on 20 December 2023. The approval is valid for six months from the date of the resolution.

In case the offering and listing not be completed within this period, the approval will be considered void.

Kinan plans to float 3.60 million ordinary shares on Nomu, equivalent to 3% of its total shares.

Meanwhile, Saudi Fransi Capital acts as the financial advisor and lead manager for the potential transaction.