Umm Al Qura for Development IPO 20x covered at 10 shares/subscriber

Logo of Umm Al Qura for Development and Construction Co.

Umm Al Qura for Development and Construction Co. (UQDC) completed the retail subscription for its initial public offering (IPO) on the Main Market (TASI), lead manager Albilad Capital, who is also financial advisor alongside GIB Capital and Al Rajhi Capital, said in a Tadawul statement today, March 13.

Albilad Capital, GIB Capital, Al Rajhi Capital, and Alinma Investment acted as IPO bookrunners and underwriters.

UQDC’s IPO on TASI was 20x covered, the statement added.

According to data compiled by Argaam, retail investors started subscribing on March 5 to 13.08 million shares of UQDC at SAR 15 per share — determined through the book-building process.

The IPO’s institutional tranche was 241x covered.

The final price was set at the upper end of the price range at SAR 15 per share, bringing the company’s valuation at around SAR 21.58 billion ($5.75 billion) upon listing.