Saudi Arabia's Dar Al Majed sets IPO final price at top of the range
The real estate developer drew $36 billion in orders for its $336 million IPO, Bloomberg reported.
The retail subscription is scheduled to start August 14 and will close by August 18.
The company is floating 90 million ordinary shares, representing 30% of its share capital. The pricing implies a market capitalisation of SAR 1.26 billion.
Last month, Saudi's Sinad Holding committed to subscribe as a cornerstone investor for 6.67 million shares in the IPO, representing around 2.22% of Al Majdiah's capital.
Saudi Fransi Capital has been appointed as the financial advisor, lead manager, underwriter and bookrunner for the IPO. BSF Capital is arranging the offering.
In recent months, Saudi Arabia has seen a series of real estate developers and construction companies looking to cash in on the real estate boom in the kingdom by raising funds through a public offering.
This has been further boosted with the announcement of its updated law on non-Saudi real estate ownership, which will allow foreign individuals, companies, and entities to own properties in designated areas, with a maximum 5% fee.
IPOs in the pipeline in Saudi Arabia include property developer AlRamz Real Estate Company and Marketing Home Group, a construction and building solutions company.
(Writing by Bindu Rai, editing by Brinda Darasha)
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