Al Waha REIT raises $47.1m from IPO on parallel market Nomu: Wasatah Capital

RIYADH: Al Waha REIT Fund raised SR177.03 million ($47.1 million) from its initial public offering on Saudi Arabia’s parallel stock market Nomu, according to the organization’s manager Wasatah Capital.

The fund's IPO offered 15 million units, or 100 percent of its capital, with in-kind subscriptions counting for 78.49 percent, and the rest offered to the public for cash — valued at at SR 32.27 million. 

This tranche hit SR59.30 million, Wasatah said in a bourse filing on Oct. 20, reflecting a coverage ratio of 179.62 percent.

Wasatah Capital will complete the required procedures with the Saudi Exchange 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, the filing said.