Alramz sets TASI IPO price at SAR 70/shr

Logo of Alramz Real Estate Co. (Alramz)

Alramz Real Estate Co. (Alramz) successfully completed the book-building process for the participating investor tranche in the company’s shares, SNB Capital announced.

SNB Capital is acting as the lead manager, financial advisor, bookrunner for institutional investors, and underwriter for Alramz’s IPO.

The final offering price was set at SAR 70 per share, with a subscription coverage of 11.1x the total offered shares, the company said in a Tadawul filing today, Dec. 1.

According to data available with Argaam, Alramz offered 30% of its shares on the Main Market (TASI) through the issuance of 12.86 million new shares, representing 30% of the company’s post-increase capital.

The company’s current capital is SAR 300 million, divided into 30 million shares with a nominal value of SAR 10 per share. Upon completion of the IPO, the capital will rise to SAR 428.57 million, divided into 42.86 million shares.

The offering period for individual investors will run from Dec. 7 to 3:00 PM on Dec. 9, with 20% of the total offered shares allocated for public subscription.