Retail subscription to 13.08M UQDC shares starts on TASI today

Argaam

05-03-2025

Umm Al Qura for Development and Construction Co. (UQDC) launches today, March 5, a retail offering for 13.08 million shares on the Main Market (TASI) at SAR 15 each, as determined by the book-building process.
The shares allocated to individual subscribers represent 10% of total shares offered for public subscription.
For More IPOs
The subscription period continues for three days until March 9.
In Dec. 23, 2024, the Capital Market Authority (CMA) approved the company's application to list and offer 130.79 million shares on TASI, representing 9.09% of its capital.
Institutional offering ended last week, with a coverage ratio of 241 times.
UQDC will allocate 8.88 million shares, representing 0.62% of its post-IPO capital, to Takatuf Holding Group as a cornerstone investor.
MASAR's developer will be the third to list on TASI this year following Derayah Financial and Arabian Company for Agricultural & Industrial Investments' (Entaj) IPO on Feb. 20. and Feb. 26, respectively.
Tadawul witnessed 14 IPOs last year, following listings by Middle East Pharmaceutical Industries Co. (Avalon Pharma) on Jan. 30, Modern Mills for Food Products Co. on March 5, Miahona Co. and Dr. Soliman Abdulkader Fakeeh Hospital Co. (Fakeeh Care) on May 21, Saudi Manpower Solutions Co. (SMASCO) on May 26, Al Taiseer Group Talco Industrial Co. (TALCO) on May 28, Rasan Information Technology Co. on May 29, Almajed for Oud Co. on Sept. 15, Arabian Mills Co. on Sept. 18, Fourth Milling Co. (MC4) on Oct. 2, Tamkeen Human Resources Co. on Nov. 5, United International Holding Co. on Nov. 19, Almoosa Health Co. on Dec. 23 and Nice One Co. on Dec. 24.
Company info
UQDC is a closed joint-stock company in Saudi Arabia, established in 2012 by royal decree. It develops real estate assets along King Abdulaziz Road in Makkah, acquiring, managing, investing in, selling, and leasing properties under "Masar" brand.
The company's activities include land acquisition, sales, subdivision, off-plan sales, and property management. It also handles residential and commercial construction, including schools, hospitals, hotels, roads, bridges, and tunnels.
UQDC's pre-IPO capital stands at SAR 13.08 billion, divided into 1.31 billion shares at SAR 10 per share. Following the offering, capital will rise to SAR 14.39 billion with 1.44 billion shares.
MASAR
MASAR is one of the region's largest urban redevelopment projects, located in western Makkah. It spans 3.65 km from the Third Ring Road and Umm Al-Qura Road to Jabal Omar, covering 1.25 million square meters across 205 land plots. The net built-up area is 460,900 square meters, excluding roads, open spaces, and service areas.
As of November 2024, 99.77% of core infrastructure work was complete, with full completion expected in H1 2025.
According to the prospectus, MASAR will include residential apartments, serviced apartments, hotels, retail centers, healthcare facilities, and office spaces.
The table below shows the percentage of each asset type within MASAR's investment land:
MASAR Assets
Type
Percentage of Investment Land
Plots
Area ('000 sqm)
Serviced Apartments
28.8%
59
184.8
Hotels
26.3%
54
168.5
Residential Units
29.6%
66
189.4
Retail Centers
13.3%
22
85.0
Healthcare Facilities
2.1%
4
13.2
Total
100%
205
640.9
With core infrastructure nearing completion, the development strategy focuses on four areas. The company will develop and retain 28% of investment land, either directly or through joint ventures, while 4% will be developed and sold.
Additionally, 14% will be leased, and 54% will be sold.
Superstructure development began in 2022 for select self-developed plots and is set to finish by 2026. The full MASAR Destination project is expected to complete by 2039.
Company Profile
Company
Umm Al-Qura for Development & Construction Co.
Core Activities
Real estate development and construction, The company owns MASAR Destination project.
Pre-IPO Capital
SAR 13.08 bln
Post-IPO Capital
SAR 14.39 bln
Number of Shares before IPO
1.31 bln
Number of shares after IPO
1.44 bln
Share Par Value
SAR 10
Retail IPO Summary
Issue Percentage
9.09% after increase (10% before increase)
Price
SAR 15
Number of offered shares
13.08 mln
Eligible Subscribers
Individual investors
Minimum subscription limit
10 shares
Maximum subscription limit
2.5 mln shares
Offer period
March 5-9, 2025
Final Allocation
March 13, 2025
Refund (if any)
March 16, 2025
Company Shareholders
Shareholders
Before IPO
After IPO
Number of Shares
(mln shares)
Ownership (%)
Number of Shares
(mln shares)
Ownership (%)
General Organization for Social Insurance
345.98
26.45%
345.98
24.05%
Public Investment Fund
282.30
21.59%
282.30
19.62%
Dallah Al-Baraka Holding Co.
103.11
7.88%
103.11
7.17%
Abdullah bin Saleh bin Abdullah Kamel*
56.30
4.30%
56.30
3.91%
Real Estate Development and Development Co.*
53.22
4.07%
53.22
3.70%
Dallah Trans Arabia Co.*
43.00
3.29%
43.00
2.99%
Mabahij Al Arabiya for Real Estate Development Co. Limited
38.78
2.97%
38.78
2.70%
Al Mawajid International for Real Estate Development Co. Limited*
13.37
1.02%
13.37
0.93%
Muhiuddin bin Saleh bin Abdullah Kamel*
12.19
0.93%
12.19
0.85%
Abdullah Mohammed Abdo Abdullah Yamani*
10.20
0.78%
10.20
0.71%
Dallah Al Baraka Investment Holding Co.*
0.40
0.03%
0.40
0.028%
Yasser Abdulaziz Mohammed Abu Atiq
0.10
0.01%
0.10
0.007%
Current shareholders classified as the public
348.90
26.68%
348.90
24.25%
Public
-
--
130.79
9.09%
Total
1307.86
100%
1438.67
100%
*Shareholders acting by agreement