RIYADH: Retal Urban Development has drawn demand of SR1.28 billion ($340 million) from its initial public offering, as retail investors rushed to subscribe to shares despite global market volatility.
The Saudi-based developer saw 223,087 retail investors subscribing to the offering, leading to 8.88 times oversubscription, according to a bourse filing.
Retail investors were allocated 1.2 million shares, representing 10 percent of the SR1.44 billion offering.
This followed the completion of the book-building period where the IPO was priced at SR120 after generating an order book of SR90.3 billion.
Retal Urban is looking to list its shares on the main market of Saudi Arabia and join the ongoing listing spree in the Gulf in a bid to solidify its position in the real estate sector.