Tue Jun 28, 2022 16:01:56

Saudi Exchange Celebrates the Listing of Retal Urban Development Company on the Main Market

Riyadh, 27 June 2022: Saudi Exchange today celebrated the listing of Retal Urban Development Company, a real estate development company, on the Saudi Exchange’s Main Market. The ceremony was attended by Mr. Mohammed Al Rumaih, CEO of Saudi Exchange and Eng. Abdullah Al-Braikan, CEO of Retal Urban Development Company.

Commenting on the occasion, Mohammed Al Rumaih, CEO of Saudi Exchange, said, “The Saudi Exchange continues to experience a strong pipeline of IPO activity, and we are pleased to welcome yet another listing to the Main Market. The addition of Retal Urban Development Company to the Saudi Exchange offers regional and international investors an even bigger pool of investment options to consider for their portfolio and reinforces our position as one of the leading stock exchanges in the region and globally. I would like to congratulate the company’s management and look forward to seeing their new journey as a listed company.”

“Retal has witnessed rapid growth and has become one of the leading developers of major communities that make up the urban fabric of the Kingdom. Undoubtedly, further investment in the company would stimulate our growth that has continued over the past ten years. We thank theCapital Market Authority, Saudi Exchange, and our stakeholders for their support leading up to this milestone, without them this would have been impossible.”

In alignment with the Financial Sector Development Program, Saudi Exchange is committed to working alongside related authorities to improve procedures and simplify requirements for companies looking to list in the Saudi Capital Market. This builds on the Exchange’s vision to elevate its position locally, regionally, and internationally, as a lucrative destination for investors and issuers.

Retal has floated 12,000,000 shares, representing 30% of its share capital, at the offering price of SAR 120 per share.

The Saudi developer’s IPO order book was 8.8 times oversubscribed, with 223,087 subscriptions from retail investors. Retail investors were allocated 1.2 million shares, representing 10% of the offering.

Retal Urban Development Company is a Saudi real estate development company, providing a comprehensive portfolio of diversified assets in the field of developing residential, commercial and mixed-use projects.