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RIYADH: Retal Urban Development Co. will list its shares on Saudi Arabia’s main market TASI early next week, after raising SR1.44 billion ($384 million) in an initial public offering.
Planned to debut on June 27, the Saudi-based developer floated 12 million shares, representing 30 percent of its capital, according to a bourse filing.
The offer price was set at SR120 per share, after generating an order book of SR90.3 billion from institutional investors, according to a bourse filing.
The developer’s share sale also attracted a demand of SR1.28 billion from retail investors as they rushed to subscribe to shares.
Retal Urban’s share sale comes in a bid to solidify its position in the Saudi real estate sector.