Saudi Arabia's Rawabi Holding Co. has raised 1.2 billion riyals ($320 million) from its largest ever riyal-denominated sukuk issuance.

The issuance, which was upsized following strong investor demand, surpasses its 2023 issuance of the SAR 875 million, the company, which focuses on oilfield services, said in a statement on Thursday.

Since establishing its sukuk program in 2020, Rawabi Holding has issued approximately SAR 6.5 billion of sukuk across 18 tranches and redeemed seven tranches totaling approximately SAR 2.9 billion.

Albilad Capital, Alinma Investment Company, Al Rajhi Capital, and Riyad Capital, acted as joint lead managers and bookrunners for the Transaction. Simmons & Simmons Middle East LLP acted as transaction adviser.

(Writing by Brinda Darasha; editing by Seban Scaria)