Riyadh – Mubasher: Riyad Capital, lead manager, underwriter and bookrunner for the initial public offering of Alandalus Property Company announced the successful completion of bookbuilding process for institutions and investment fund.
The company’s IPO was covered by 1092% by institutional investors at a price of SAR 18 per share.
Riyad added that institutions and investment funds subscribed fully to offered shares that amounted to 21 million, or 100% of total shares.
Investment funds’ coverage reached 309%, while that of persons authorised by the Capital Market Authority reached 329% and of Tadawul-listed companies reached 454%.
Accordingly, the IPO’s second phase will witness the allocation of 8,400,000 shares for retail subscription, which represent 40% of total floated shares.
The Saudi company will float 21 million shares during the period 17-23 December 2015.
Alandalus allocated 12.6 million shares or 60% of the total offered shares to institutions.
Established in 2006, the real estate developer has carried out several projects serving the Saudi community and fulfilling the growing demand for real estate in the kingdom.
