Retal Urban Development Company (Retal) of Saudi Arabia listed its shares on Tadawul on Monday, joining a flurry of public offers across the Gulf Cooperation Council (GCC).
Retal, which offered 12 million shares or 30 percent of its issued share capital, raised SAR 1,440 million ($384 million). Final share price was set at SAR 120, implying a market capitalization at the listing of SAR 4.8 billion.
Retal made 90 percent allocations of its IPO shares to participating parties in the book-building process and 10 percent to individual investors, including Saudi nationals, foreign residents in the Kingdom, as well as GCC nationals.
Abdullah bin Faisal bin Abdulaziz Al-Braikan, chief executive officer of Retal, said the share listing represented a major milestone in the company’s 10-year growth journey in the Saudi market.
“We have achieved momentous strides to reinforce Retal’s name and reputation, building some of the iconic master plan communities, alongside prominent public and private partners. We are incredibly proud of the remarkable trust we have witnessed from institutional and individual investors for our shares throughout the listing process,” Al-Braikan said.
He said the company’s strategic priority now was to reinforce its leadership position in the field of off-plan sales, expand market share and further diversify its customer base in Saudi.
“Retal’s scalable business model and integrated business units place us in a strong position to capitalise on the upward market demand, maximising value for our shareholders and elevating the lifestyle of Saudi nationals in line with Vision 2030,” Al-Braikan said.
Retal appointed SNB Capital as the sole financial advisor, lead manager, bookrunner, and underwriter for its IPO.
