Alandalus Property to launch IPO Thursday; appoints 6 receiving banks

Alandalus Property Co. said it’s planning to float 21 million shares on the Saudi market, representing 30 percent of its capital in an initial public offering (IPO) on Thursday, Dec. 17.

Share price was determined through a book building process at SAR 18 per share.

The company allocated 12.6 million shares, or 60 percent of IPO shares, to institutional investors while the remaining 40 percent will be allocated to retail investors.

The real estate company has appointed six receiving banks for its IPO: Riyad Bank, National Commercial Bank (NCB), Al Rajhi Bank, Samba Financial Group, Saudi British Bank and Banque Saudi Fransi.

Investors whose names appear in the company’s prospectus are prohibited from using their shares for a 12-month period starting from the date that the company begins trading on the market.