Saudi Arabia-based real estate development company, Retal Urban Development Company is planning to proceed with an Initial Public Offering (IPO) and list its shares on the Main Market of the Saudi Stock Exchange (Tadawul).
The Capital Market Authority (CMA) has approved the company’s application for the IPO of 12,000,000 ordinary shares, representing 30 percent of its share capital. The final offer price will be determined at the end of the book-building period.
Eng. Abdullah bin Faisal Al Braikan CEO – Retal
“Retal has grown to become one of the most trusted developers of iconic master-planned communities that shape the urban fabric of Saudi. Opening the business to public investors will consummate the process of growth we have undertaken in the last ten years. We are already witnessing a huge demand for high-quality developments in desirable destinations across the country. We anticipate this demand to continue, driven by strong economic trends, favorable long-term demographics, and Saudi’s commitment to transform the real estate landscape and improve the standard of living in the country through the development of real estate laws and regulations. With Retal’s robust strategy, expertise, and financial strength, we are poised to capture these exciting opportunities while delivering excellent value to our shareholders.”
Mr. Abdullah bin Abdullatif bin Ahmed Al-Fozan, Chairman of the Board of Directors, said that, “This marks a significant milestone in the growth trajectory of our business and a key step towards further solidifying our leading position in the Saudi real estate sector. Our potential listing comes at an exceptionally exciting time as we continue to make remarkable strides towards opening up to the world, creating new opportunities, and elevating the lifestyle of every Saudi family as part of the Vision 2030.”
The company has developed a number of Saudi Arabia’s most prestigious and exciting communities, including Nesaj Town Dammam 1 and 2, Nesaj Town AlKhobar, and Retal Residence.
Furthermore, it has developed a number of residential communities under the ‘Ewan’ brand, including Ewan Al Nahda, Ewan Al Nawras, and Ewan Al Maali, and launched the high-end villa project, Ayala, with its new concept and digital pre-customization, which allows customers to customize and modify the designs and spaces prior to purchase.
According to the statement, “With respect to the Offering, the company has appointed SNB Capital as the Sole Financial Advisor, Lead Manager, Bookrunner, and Underwriter. The Saudi National Bank (SNB), Riyad Bank, and Albilad Bank have been appointed as receiving entities for the individual investors tranche.”
