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Trade Arabia
13-03-2025
- Business
- Trade Arabia
Umm Al Qura IPO gets solid response from retail investors
Saudi-based Umm Al Qura for Development and Construction today (March 13) announced the successful completion of the offering period for retail investors for the company's 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. Its current majority shareholders comprise state-owned entities and Saudi private sector including the Saudi sovereign wealth fund PIF, the General Organization for Social Insurance (GOSI) and Dallah Al Baraka Holding. Announcing this, the Saudi developer said the retail subscription process, which involved a maximum of 13 million shares (representing 10% of the total offer shares) kicked off 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 1.03%, it stated. According to Umm Al Qura, the ffinal offer price for the Offering was set at SAR15 per share, pricing at the top of the range, implying a market capitalization of approximately SAR21.58 billion ($5.75 billion) at listing. 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
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.
