Alandalus debuts on Tadawul Tuesday

Shares of Alandalus Property will begin trading on the Saudi Stock Exchange (Tadawul) under code 4320 on Tuesday, January 12, with a fluctuation limit of 10 percent, the bourse said in a statement.

The company recently floated 21 million shares in an initial public offering (IPO), according to data available on Argaam. 

Retail investors subscribed for 8.4 million shares, or 40 percent of the offered shares.

The share sale was 464 percent oversubscribed by 1.1 million investors for SAR 702 million. Seven shares were allocated to each individual investor.

Riyadh-based Alandalus, which was incorporated in 2006, operates in the field of commercial real estate investment and development.