Arabian Centres expects $264 mln proceeds from IPO

Saudi Arabia’s mall operator Arabian Centres Company expects gross primary proceeds to reach up to $264 million for its initial public offering (IPO), according to a document released on Sunday.

The company also expects that the IPO could raise up to $836 million at the top end of the price range.

The IPO includes a total of 95,000,000 shares, comprising 65,000,000 existing shares to be sold by the current shareholders and 30,000,000 new shares to be issued by the company by way of a capital increase.

The price range for the IPO has been set at SAR 26 to 33 per share, implying a market capitalization of up to $4.2 billion.

Arabian Centres was established in 2002 as a closed joint stock company. It is a subsidiary of Fawaz Alhokair Group and specializes in mall management, tenant relations and leasing.