Subscriptions for Retal shares reached 62.7 times the total shares offered.
On Sunday, June 5th, Retal began the individual subscription phase to 1,200,000 of Retal Urban Development Co. shares or 10% of total capital offered at SAR 120 each, set by the book-building process.
The Capital Market Authority (CMA) approved on March 16 the company's request to float 12 million shares, or 30% of its capital, in an initial public offering (IPO).
The retail offering will run through the period from June 5 - 6.
The institutional offering ended last week and was 62.7 times covered, this being the eighth listing on the main Saudi market this year.
Retal is a closed joint stock company based in Al-Khobar. It was established in 2012.
The company’s capital is SAR 400 million, divided into 40 million shares of equal value. The company’s core business is the real estate development.
Retal consists of a group of subsidiaries that operate in concert to achieve integration in the following areas: infrastructure development, design and engineering consultancy, project management, building and contracting, property management, and facilities management.
Since its establishment in 2012, Retal has built a unique real estate portfolio that includes more than 30 completed and under-construction projects. These projects comprise a total of 7,284 housing units in various regions across the Kingdom. About 2,957 units were completed by the end of September 2021.