Monday 4 July 2022

Saudi developer Retal sets new IPO price range

RIYADH, May 27, 2022

Retal Urban Development Company, a next generation Saudi development company, has announced that the price range for its initial public offering (IPO) has been set between SR112 ($30) and SR120 ($32) per share per share. 
This move comes following the announcement by the company on May 9 of its plans to float 30% of its share capital to the public.
Retal said it had got approval from Capital Market Authority (CMA) for the IPO of 12,000,000 ordinary shares. The final offer price will be determined at the end of the book-building period.
A key player in the kingdom, Retal has developed a number of prestigious communities including Nesaj Town Dammam 1 and 2, Nesaj Town AlKhobar and Retal Residence. 
It had also been behind the development of a number of residential communities under the ‘Ewan’ brand, including Ewan Al Nahda, Ewan Al Nawras and Ewan Al Maali, and launched the high-end villa project, Ayala, with its new concept and digital pre-customisation. 
The total offering size is expected to be between SR1.344 billion ($358 million) and SR1.44 billion ($384 million), implying a market capitalization at listing between SR4.48 billion ($1.195 billion) and SR4.8 billion ($1.28 billion).
"Immediately following the listing, the company is expected to have a free float of 30% of the entire issued share capital of the company," said a spokesman for Retal.
"Following the completion of the participating parties tranche, the offer shares will be offered to Saudi nationals as well as expats residing in the kingdom as well as GCC nationals," he stated.
"Initially, 100% of the offer shares will be provisionally allocated to the participating parties. this may be reduced to 10,800,000 offer shares (representing 90% of the total stake) depending on the level of demand by individual investors," he added.-TradeArabia News Service


More Construction & Real Estate Stories

calendarCalendar of Events