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Retal sets price range for IPO on Tadawul

Retal sets price range for IPO on Tadawul
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Riyadh - Mubasher: Retal Urban Development Company has settled the price of its initial public offering (IPO) on the Main Market of the Saudi Exchange (Tadawul) at a range of SAR 112-120 per share.

The Saudi company intends to offer 12 million ordinary shares, representing 30% of the issued share capital, according to a bourse filing on Wednesday.

SNB Capital Company, the financial advisor and lead manager for the potential IPO, noted that the book-building period for investors will take place during 25-31 May this year.

Meanwhile, the final IPO price will be determined after the book-building period.

Earlier this month, SNB Capital said Retal would proceed with the listing process on Tadawul, after the Capital Market Authority (CMA) had approved the IPO last March.