By Muaath bin Saad

Riyadh-Mubasher: Alandalus Property Co. has appointed Riyad Capital as an underwriter for its initial public offering (IPO) that will run from 17-23 December 2015.

The real estate developer had obtained the approval of Capital Market Authority (CMA) to float 21 million shares on the Saudi bourse.

This will be the fourth public subscription this year, after those of Middle East Paper Co. (Mepco), Saudi Company for Hardware (SACO) and Saudi Ground Services.

Alandalus allocated 12.6 million shares or 60% of the total offered shares to institutions.

If retail investors do not participate in the issue, the lead manager will have the right to raise the number of shares allocated to institutions to 21 million.

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.  

Translated by Abdul Maguid Aboshahla