Latest news with #SR1.96bn
Zawya
26-03-2025
- Business
- Zawya
Umm Al Qura hits 30% maximum lift on debut: IFR
Shares of Umm Al Qura for Development and Construction rose by the maximum 30% on Monday's Tadawul debut following its SR1.96bn (US$523m) IPO. Institutional demand for the IPO was more than US$125bn, while retail demand topped US$1bn. Shares priced at the top of the SR14–SR15 range and retail received 10% of the deal. The deal is novel in comprising only primary shares but, reassuringly for the development of the Saudi market, demand was just as strong as secondary share sales. The stock opened on Monday at SR16.50 and quickly hit the SR19.50 maximum, where it closed. Just under 10m shares changed hands, approximately 7.6% of the 130.8m shares offered for a 9.1% free-float. Proceeds will be used for a real estate development in Mecca, including accommodation, retail outlets and public amenities. Albilad Capital was lead manager, and joint bookrunner with Alinma Investment Company, Al Rajhi Capital and GIB Capital. Lazard advised.
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.
