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Retail subscription to Retal's IPO starts today
Logo of Retal Urban Development Co.
Retail investors start today, June 5, subscription to 1.2 million 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 June 6.
The institutional offering ended last week and was. 62.7x covered.
This will be the eighth listing on the main market this year, after East Pipes Integrated Company for Industry on Jan. 24, Scientific & Medical Equipment House Co. on Jan. 31, Elm Co. on Feb. 3, Al-Dawaa Medical Services Co. on Feb. 27, AMAK on March 9, Nahdi Medical Co. on March 13 and Saudi Home Loans Co. (SHL) on March 27.
Last year witnessed nine listings, including Alkhorayef Water and Power Technologies Co., Theeb Rent a Car Co., Tanmiah Food Co, solutions, ACWA Power, Arabian Contracting Services Co., Nayifat Finance Co., Saudi Tadawul Group and Almunajem Foods Co.
Company Profile
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.
Subsidiaries:
Retal has six subsidiaries, in which it owns direct and indirect stakes, as follows:
|
Retal Subsidiaries |
||||
|
Subsidiary |
Capital (SAR mln) |
Core Business Activity |
Direct Ownership |
Indirect Ownership |
|
Nesaj Urban Development Company (single shareholder company)
|
10.00 |
Management of construction projects.
|
100% |
-- |
|
Tadbeir Limited Company
|
5.00 |
Building finishing and cleaning new buildings after construction
|
95% |
-- |
|
Building Construction Company Limited (BCC)
|
5.00 |
General construction of residential buildings, non-residential buildings, and government buildings
|
95% |
5% |
|
Tadbeir Real Estate Limited Company
|
0.25 |
Buying, selling and dividing land and real estate, off-plan sales activities, management and leasing of owned or leased properties.
|
100% |
-- |
|
Rimal AlKhobar Real Estate
|
0.50 |
General
|
50% |
-- |
|
Etlalat Al Sharq Real Estate Company
|
1.00 |
Construction and development of of residential and governmental buildings, using state-of-the-art techniques Management and leasing of owned or leased residential and non-residential properties.
|
50% |
-- |
|
Company Profile |
|
|
Company |
Retal Urban Development Co. |
|
Market |
Main market |
|
Core activities |
Construction, real estate activities, administrative and support services. |
|
Capital |
SAR 400 mln |
|
Number of shares |
40 mln shares |
|
IPO Summary |
|
|
Issue percentage (%) |
30% |
|
Offering price |
SAR 120 |
|
Number of shares offered to retail subscribers |
1.2 million shares, or 10% of the 12 mln shares offered |
|
Qualified subscribers |
Retail investors |
|
Minimum limit for retail investors |
10 shares |
|
Maximum limit for retail investors |
250,000 shares |
|
Retail subscription period |
June 5-6 |
|
Final allocation |
June 12 |
|
Surplus refunds |
June 15 |
|
Special Information |
|
|
Financial advisor, lead manager, underwriter and book runner |
SNB Capital |
|
Receiving banks |
Saudi National Bank, Riyad Bank, Bank Albilad |
Al Fozan Holding Co. is a major shareholder, owning 65.63% of the company’s shares, after IPO, followed by Abdullah Faisal Al Braikan with 3.50% of the share capital.
|
Company’s Major Shareholders |
||||
|
Shareholders |
Before IPO |
After IPO |
||
|
Number of Shares (‘000 shares) |
Ownership (%) |
Number of Shares (‘000 shares) |
Ownership (%) |
|
|
Al Fozan Holding Co. |
37,500.00 |
93.75% |
26,250.00 |
65.63% |
|
Abdullah Faisal Al Braikan |
2000.00 |
5.00% |
1,400.00 |
3.50% |
|
Al Sahm Holding Co. |
125.00 |
0.31% |
87.50 |
0.22% |
|
Athman Holding Co. |
125.00 |
0.31% |
87.50 |
0.22% |
|
Jras Holding Co. |
125.00 |
0.31% |
87.50 |
0.22% |
|
Maali Gulf Holding Co. |
125.00 |
0.31% |
87.50 |
0.22% |
|
Public |
-- |
-- |
12,000.00 |
30% |
|
Total |
40000.00 |
100.00% |
40000.00 |
100.00% |
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