Latest news with #DarAlMajedRealEstateCo
Zawya
30-07-2025
- Business
- Zawya
Dar Al Majed sets IPO price range, to raise up to $336mln from listing: Report
Saudi Arabia's Dar Al Majed Real Estate Co. (AlMajdiah) has set the price range for its initial public offering (IPO) between SAR13.5 and SAR14 ($3.60-3.73), according to a news report. Last week, the developer announced floating 30% of its share capital, or 90 million shares, on the Main Market (TASI). The company will raise between SAR1.21 billion and SAR1.26 billion from the listing. The top end of the IPO price range values AlMajdiah at SAR4.2 billion, Bloomberg reported, quoting people aware of the matter. The book-building process commenced on July 29 and will close on August 4, 2025. All shares on offer were subscribed within minutes of the books opening, Bloomberg said. The developer has appointed Saudi Fransi Capital (BSF Capital) as financial advisor, lead manager, institutional bookrunner and underwriter. According to its website, AlMajdiah has developed over 2.5 million square meters, encompassing more than 180 completed projects. In March, Umm Al Qura for Development and Construction saw its shares surge 30% on the group's debut on the Main Market following a $523 million IPO. (Editing by Brinda Darasha;
Bloomberg
29-07-2025
- Business
- Bloomberg
Saudi Arabian Developer's $336 Million IPO Sells Out in Minutes
Saudi Arabia's Dar Al Majed Real Estate Co. saw demand for all shares on offer in its 1.26 billion riyals ($336 million) initial public offering within minutes of books opening on the deal in Riyadh, according to people familiar with the matter. The real estate developer's shareholders will sell a 30% stake, or about 90 million shares, at between 13.5 and 14 riyals apiece, the people said, declining to be identified discussing private information. The top end of the range values the firm — better known as Almajdiah — at 4.2 billion riyals.
