Riyadh – Mubasher: Riyad Bank, the financial advisor, lead arranger, bookrunner and underwriter for the initial public offering of Alandalus Property Company announced starting the bookbuilding process.
The move comes in preparation for floating 21 million shares in the company, which represent 30% of its capital that currently stands at SAR 700 million.
Alandalus and Riyad Bank held a meeting yesterday with representatives of licensed financial institutions to present the company’s performance in recent years and review its strategic vision for upgrading and expanding its real estate activities.
Riyad added that the final offer price will be set after the bookbuilding process is completed with subscribing institutions for seven days starting 3 December till 9 December.
A total of 21 million shares will be offered to subscribing institutions in a preliminary phase, to be followed with allocating 40% of shares for retail investors starting 17 December till 21 December.
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.
