RIYADH: Saudi Home Loans has collected SR600 million ($160 million) from participating entities amid its initial public offering on the Kingdom’s stock exchange.
As the offering was 50 times oversubscribed, it was priced at the top end of an indicative range, amounting to SR20 per share, a bourse filing revealed.
The Riyadh-based company allocated 30 million shares to participating entities, while individual investors will be allowed up to 3 million shares from Mar. 27 until March 29.
Operating since 2007, SHL is 40-percent owned by Arab National Bank, the second-largest shareholder is Dar Al Arkan, with 15 percent of share capital.
Such a move by the Shariah-compliant real estate lending firm is the latest in the Kingdom’s IPO wave in a bid to enhance liquidity and scale its capital markets.