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Dar Al Arkan to offer SR3.3b shares in IPO
JEDDAH — Dar Al Arkan Real Estate Development Company is going public and will begin offering to Saudi subscribers 59.45 million shares worth SR3.33 billion out of a total of 540 million shares from Saturday.
According to Eissa Al Eissa, CEO of Samba Financial Group, manager of the IPO, all preparations for the public offering, which will continue for a week, have been completed.
The company is offering the shares at the rate of SR56 per share including SR10 nominal value and SR46 premium.
"We have allocated 30 percent of the total shares or 17.84 million shares for Saudi individuals and 41.62 million or 70 per cent to investment funds and other organisations," Al Eissa said, and added that the IPO manager has the right to reduce this allocation from 70 to 50 per cent after approval from the Capital Market Authority (CMA).
He said that interested Saudi subscribers may purchase a minimum of 10 shares, and added that there is no ceiling.
Other commercial banks taking part in the IPO management, besides SABB, include NCB, Riyad Bank, Arab National Bank, and Al Rajhi Bank.
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