Umm Al Qura for Development IPO 241x oversubscribed, priced at SAR 15/shr

Logo of Umm Al Qura for Development and Construction Co.

Albilad Investment, along with GIB Capital, Al Rajhi Capital, and Alinma Investment, completed the book-building process for institutional investors in the Umm Al Qura for Development and Construction Co.’s IPO on Tadawul.

Albilad Investment, GIB Capital, and Al Rajhi Capital act as financial advisors, while Albilad Investment, GIB Capital, Al Rajhi Capital, and Alinma Investment serve as bookrunners and underwriters on the IPO.

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The final offer price was set at SAR 15 per share, with total demand covering 241 times the offered shares, Albilad Investment said in a statement to Tadawul.

With the institutional tranche completed, retail investors can subscribe from March 5 to March 9.

Umm Al Qura for Development offered 130.79 million shares, representing 9.09% of post-offering capital (SAR 14.39 billion) and 10% of pre-offering capital. The company's current capital stands at SAR 13.08 billion, divided into 1.31 billion shares at SAR 10 each.

A total of 13.08 million shares (10% of the offering) is allocated for retail investors.