Saudi Arabia’s Sinad Holding Co. has committed to subscribe as a cornerstone investor for 6.67 million shares in the IPO of Dar Al Majed Real Estate Co. (AlMajdiah).

The share purchase represents around 2.22% of Al Majdiah’s capital, Sinad said.

The allocation was approved by the selling shareholders in the company’s supplementary prospectus, published on July 29.

The move aligns with Sinad’s objective to strengthen and diversify its investment portfolio by targeting opportunities that help maximise returns.

AlMajdiah has set the price range for its IPO between 13.5-14 Saudi riyals ($3.60-3.73).

Last week, the developer announced floating 30% of its share capital, or 90 million shares, on the Main Market (TASI).

The book-building process commenced on July 29 and will close on August 4, 2025.

All shares on offer were subscribed within minutes of the books opening, Bloomberg reported.

Saudi Fransi Capital has been appointed as the financial advisor, lead manager, underwriter and bookrunner for the IPO.

(Editing by Bindu Rai, bindu.rai@lseg.com)