Saudi Arabia-based Al Ramz Real Estate Company expects to raise between SAR861 and SAR900 million ($230-240 million) from its listing on the local stock exalter.
The developer has set the price range for its initial public offering (IPO) at SAR67-70 per share, with book-building for institutional investors running from November 23 to 27.
Alramz will offload 30 percent of its share capital, or 12.86 million shares, after the capital increase, raising its capital to SAR428.6 million from SAR300 million, on the main market (Tasi). The market capitalisation at listing is expected to be between SAR2.9 and SAR3 billion.
The company will apply 37 percent of the IPO proceeds to develop projects, 36 percent to finance its investments in new real estate funds for the development of certain projects, 23 percent for general purposes and 4 percent to cover offering expenses, according to its prospectus.
The retail subscription period will run from December 7 to 9, with 20 percent of the total offered shares allocated to the retail tranche.
Al Ramz Real Estate launched operations in Riyadh in 2016 and converted to a closed joint-stock company in 2021, according to its website.
The company reported revenues of SAR952 million in 2024, up 79 percent year on year, while net profit rose 25 percent annually to SAR158 million.
Its portfolio comprises more than 40 completed and under-development projects from 2022 to the first half of 2025 across six cities in the kingdom.
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