Riyadh –  The initial public offering (IPO) of Retal Urban Development Company has registered 233,087 subscribers investing SAR 1.27 million during the retail offering process.

Retal offered 1.20 million shares in the retail tranche, which was oversubscribed 8.88 times, according to a bourse disclosure on Thursday.

SNB Capital, the financial advisor and lead manager for the IPO, pointed out that the company allocated a minimum of five shares for each retail subscriber during 5-6 June.

The remaining shares will be earmarked on a pro-rata basis with an average allocation factor of 0.364%.

Moreover, SNB Capital noted that the company offered 12 million shares, representing 30% of its share capital, to list and trade on the Main Market of the Saudi Exchange (Tadawul).

Earlier in June, Retal set the final IPO price at SAR 120 per share after the Capital Market Authority (CMA) had approved the offering last March.

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