RIYADH: Retal Urban Development Co. priced its initial public offering at SR120 ($32) per share, implying a market capitalization of SR4,800 million.
The book-building process which generated an order book of SR90.3 billion was oversubscribed by 62 times of total offered shares.
The investors will be able to purchase up to 1.2 million shares, representing 10 percent of the total shares on offer, according to a bourse filing.
“The robust demand for Retal’s shares reflects the attractiveness of our scalable business model and highlights the investor appetite for next generation real estate development companies such as ours,” said Abdullah bin Faisal bin Abdulaziz Al-Braikan, CEO of Retal Development Co., said in a press statement.
He added that it also shows strong investor confidence in the company’s growth strategy and its ability to tap into the significant long-term opportunities in the Saudi real estate and housing market.
The Individual Investors tranche subscription process which began today will end on June 6.