Al Waha REIT raises SAR 177 mln from IPO on Nomu, 55.67% allocated per subscriber: Wasatah Capital

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Wasatah Capital, the fund manager of Al Waha REIT Fund announced the end of subscription to the fund’s initial public offering (IPO) on Nomu Parallel Market, adding that the units were allocated based on the mechanism approved in its terms and conditions. 

The fund offered 15 million units, or 100% of its capital. Under in-kind subscriptions, the fund allocated 78.49% of its capital, which represents 11.77 million units for a total of SAR 117.73 million for the sellers of the real estate that will be transferred to the fund. 

For cash subscriptions, Al Waha REIT allocated 21.51% of its capital to the public through the cash offering of 3.23 million units, valued at SAR 32.27 million. The coverage ratio was 179.62%, which represents SAR 59.30 million. 

The fund raised a total of SAR 177.03 million from the offering, while the amount raised from cash subscriptions reached SAR 59.30 million.  

Surplus refunds will be made no later than Oct. 27.  

Wasatah Capital will complete the required procedures with the Saudi Exchange (Tadawul) to set the date of listing the fund’s units on Nomu, which will take place within 60 working days from the end of the offering period. 

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