Latest news with #MasarDestination
Trade Arabia
24-03-2025
- Business
- Trade Arabia
Umm Al Qura surges 30pc on debut Saudi IPO
Saudi-based Umm Al Qura for Development and Construction has announced that its shares surged by 30% on the group's debut on the Saudi Exchange's Main Market which hit SAR19.5 ($5.2) per share following a $523 million initial public offering (IPO). Umm Al Qura is the owner, developer and operator of Masar Destination, one of the largest redevelopment projects in Makkah city. Announcing the successful debut, the Saudi developer said the IPO was oversubscribed 241 times in the institutional tranche and 20 times in the retail tranche. Within minutes of the IPO launch, the shares jumped SAR4.5 ($1.2) above the SAR15 IPO price. The retail subscription process, comprising a maximum of 13.1 million shares, representing 10% of the total offer shares, commenced on March 5 and ended on March 9. It saw participation from 1,048,530 subscribers, indicating a coverage of 20 times, with a total demand of SAR3.93 billion ($1.05 billion). Individual subscribers will receive a minimum of 10 shares each, while the remaining shares will be allocated on a pro-rata basis for the remaining demand with an average allocation factor of 1.0316%. The Final Offer Price for the IPO was set at SAR15 per share at the top of the range, implying a market capitalisation of approximately SAR21.6 billion ($5.75 billion) at listing. CEO Yasser AbuAteek said: "2024 was a transformational year for Umm Al Qura as we prepared to list on the Main Market of the Saudi Exchange. We are proud of the significant progress we have made, and the strong foundation we have built for the future of Makkah." "The achievements of 2024 reinforce our commitment to delivering exceptional value to our stakeholders, and particularly the incoming public shareholders. Umm Al Qura is now positioned for continued success in the years ahead as we remain focused on the goals of Vision 2030 and our commitments to enhancing the experience of residents, pilgrims and visitors of Makkah while developing a world-class multi-use destination," he added. Umm Al Qura was established in 2012 for undertaking the development of King Abdulaziz Road in Makkah which originally contained six unplanned settlements neighbourhoods; the project site area is known as Masar Destination. One of the largest redevelopment projects in the region, Masar is located directly on Makkah's western border. It consists of 205 investment plots, with a total area of approximately 641,000 sq m and a total gross floor area (GFA) of 5.7 million sq m. The company seeks to transform it into a global multi-use destination to serve the residents and visitors of Makkah. For the Saudi listing, Umm Al Qura has signed up Albilad Capital as joint financial advisor, lead manager, bookrunner and underwriter; GIB Capital and AlRajhi Capital as joint fnancial advisors, bookrunners and underwriters as well as Alinma Invest as joint bookrunner and underwriter.
Zawya
14-03-2025
- Business
- Zawya
Umm Al Qura attracts more than $1bln from retail: IFR
Saudi Arabia's Umm Al Qura for Development and Construction followed overwhelming demand from institutions with strong support from retail investors as more than 1 million individuals submitted orders totalling SR3.93bn (US$1.05bn), enough to cover the entire SR1.96bn deal more than twice. The retail tranche is only 10% of the offering, making it more than 20 times covered. Institutions showed strong conviction for the all-primary offer with the deal 241 times covered at the top of the SR14–SR15 range. The capital raise supports the Masar Destination project involving the redevelopment of a 3.5km stretch of Mecca with accommodation, retail outlets and public amenities to capitalise on growing tourist numbers and pilgrims visiting the holy city. Refunds of excess subscription money will be processed by Sunday and a trading date is still to be announced. Albilad Capital was lead manager, and joint bookrunner with Alinma Investment Company, Al Rajhi Capital and GIB Capital. Lazard advised. Also on Thursday, Arabian Company for Agricultural and Industrial Investment, known as Entaj, said its shares would debut on Tadawul on Monday after pricing at SR50 in its SR450m IPO.
Zawya
28-02-2025
- Business
- Zawya
Umm Al Qura IPO 241 times covered by institutions: IFR
Saudi investors showed their desire to back fundraising IPOs – rather than just sales of existing shares – with an enormous book for the listing of Umm Al Qura for Development and Construction. Umm Al Qura priced its Tadawul IPO at the top of a narrow SR14–SR15 range after the deal was 241 times subscribed. The 130.8m primary share offer, for a 9.1% free-float, gives a deal size of SR1.96bn (US$523m) that values the company at SR21.58bn. A retail offer for up to 10% of the shares will follow from March 5–9. Final allocations will be confirmed on March 13. The capital raise will support the group's Masar Destination project in Mecca, which will see the redevelopment of an area stretching more than 3.5km with a mixture of tourist and residential accommodation as well as retail outlets and public amenities. The project is closely tied to Saudi Arabia's Vision 2030 programme of economic diversification and aims to capitalise on rapidly growing tourist and pilgrim demand in Mecca. Albilad Capital is lead manager, and joint bookrunner with Alinma Investment Company, Al Rajhi Capital and GIB Capital. Lazard is advising.
Zawya
28-02-2025
- Business
- Zawya
Saudi PIF-backed developer draws $126bln in IPO orders
Umm Al Qura, a leading developer backed by Saudi sovereign wealth fund PIF, today (February 27) announced the successful completion of the book-building process for participating entities and the final offer price for its initial public offering (IPO). A leading player in the Saudi construction sector, Umm Al Qura is the owner, developer and operator of Masar Destination, one of the largest redevelopment projects in Makkah. The final offer price has been set at SAR15 ($4) per share, which is the top end of the previously announced price range for the IPO, implying a market capitalisation of SAR21.58 billion ($5.75 billion) at listing, said the top developer. The institutional offering was 241 times oversubscribed, with total orders amounting to SAR 473 billion ($126 billion) from local and international investors. The retail subscription period will last for five calendar days, commencing on March 5 and ending on March 9. On the solid response, CEO Yasser Abdulaziz Abu Ateek said: "We are extremely pleased with the strong investor demand for our IPO, which underscores the market's confidence in Umm Al Qura's vision and the transformative potential of Masar." "As we take this important step, we remain committed to delivering on our mission to enhance Makkah's urban landscape, in alignment with Vision 2030, and provide long term value for our shareholders," he added. On December 24 last year, Umm Al Qura won approval from the Saudi Capital Market Authority (CMA) for registration of its share capital and the offering of 130,786,142 shares, representing 9.09% of the company's stake post capital increase, by way of the issuance of 130,786,142 new shares through a capital increase. The company also received the Saudi Exchange's conditional approval on December 08, 2024 to list on the Tadawul. Umm Al Qura said the net proceeds of the IPO will be utilised to fund costs associated with land settlements, infrastructure, activation of the Masar destination and project financing expenditures. In addition to this, the fund will be used for other general corporate expenditures, such as those relating to sales, marketing, administrative, operating and financing. For the key listing, Umm Al Qura has signed up Albilad Capital as joint financial advisor, lead manager, bookrunner and underwriter; GIB Capital and AlRajhi Capital as joint fnancial advisors, bookrunners and underwriters as well as Alinma Invest as joint bookrunner and underwriter. Lazard has taken up the role of company advisor and FGS Global that of media and communications advisor.- TradeArabia News Service Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Trade Arabia
27-02-2025
- Business
- Trade Arabia
Saudi PIF-backed developer draws $126bn in IPO orders
Umm Al Qura, a leading developer backed by Saudi sovereign wealth fund PIF, today (February 27) announced the successful completion of the book-building process for participating entities and the final offer price for its initial public offering (IPO). A leading player in the Saudi construction sector, Umm Al Qura is the owner, developer and operator of Masar Destination, one of the largest redevelopment projects in Makkah. The final offer price has been set at SAR15 ($4) per share, which is the top end of the previously announced price range for the IPO, implying a market capitalisation of SAR21.58 billion ($5.75 billion) at listing, said the top developer. The institutional offering was 241 times oversubscribed, with total orders amounting to SAR 473 billion ($126 billion) from local and international investors. The retail subscription period will last for five calendar days, commencing on March 5 and ending on March 9. On the solid response, CEO Yasser Abdulaziz Abu Ateek said: "We are extremely pleased with the strong investor demand for our IPO, which underscores the market's confidence in Umm Al Qura's vision and the transformative potential of Masar." "As we take this important step, we remain committed to delivering on our mission to enhance Makkah's urban landscape, in alignment with Vision 2030, and provide long term value for our shareholders," he added. On December 24 last year, Umm Al Qura won approval from the Saudi Capital Market Authority (CMA) for registration of its share capital and the offering of 130,786,142 shares, representing 9.09% of the company's stake post capital increase, by way of the issuance of 130,786,142 new shares through a capital increase. The company also received the Saudi Exchange's conditional approval on December 08, 2024 to list on the Tadawul. Umm Al Qura said the net proceeds of the IPO will be utilised to fund costs associated with land settlements, infrastructure, activation of the Masar destination and project financing expenditures. In addition to this, the fund will be used for other general corporate expenditures, such as those relating to sales, marketing, administrative, operating and financing.
