By Mohamed Al-Arabi

Riyadh-Mubasher: Alandalus Property Co. is gearing up to float 21 million shares on Saudi Stock Exchange (Tadawul) in December, upon obtaining regulatory approval.

The company is currently carrying out SAR 2 billion worth of projects.

Established in 2006, the real estate developer has carried out several projects serving the Saudi community and fulfilling the growing demand for real estate in the kingdom.  

Alandalus had obtained the approval of Saudi Capital Market Authority (CMA) to launch its initial public offering (IPO) on 17-23 December 2015 after completing the book-building process.

Financial analyst Ahmed Al-Jabali expected the share issuance to see a weak response from investors, especially amid the steep decline seen by the Saudi bourse this year.  

He added that the stock should be attractive for investors, noting that the company is offering services similar to those of Alhokair.

Translated by Abdul Maguid Aboshahla