30-07-2025
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;
