Quick Completion of Saudi Developer's $336 Million Share Sale

The initial public offering of Dar Al Majed Real Estate Co., a developer based in Saudi Arabia, saw immediate full subscription of its shares. The entire offering, valued at 1.26 billion riyals (or approximately $336 million), met with overwhelming interest minutes after the sale commenced in Riyadh, according to insiders privy to the situation.

Significant Market Interest

Current stakeholders are offloading a 30% share of the company, which translates to about 90 million shares. These are being offered within a price bracket of 13.5 to 14 riyals per share. At the higher end of this pricing, the company's market evaluation would be around 4.2 billion riyals, sources close to the transaction, who opted for anonymity while sharing this confidential information, conveyed.