Riyadh – Mubasher: Jadwa Investment on Monday announced that the initial public offering (IPO) if its real estate investment trust (REIT) was 120.9% oversubscribed.

The fund called Jadwa REIT comprised 150 million units, of which 30% or 47.4 million units were put up for subscription at SAR 10 per unit.

The IPO began on 3 January and concluded 23 January.

The number of retail and institutional subscribers reached 57,639 subscribers in the IPO, whereas the total value of purchases in the first tranche amounted to SAR 573 million, Jadwa Investment revealed.

Institutional investors represented 53.9% of buyers, whereas retail investors accounted for the remaining 46.1%.