Arabian Centres Company has debuted its shares on the main market of the Saudi Stock Exchange (Tadawul) following the successful completion of its IPO.
The shares of Arabian Centres, which operates 19 shopping malls in the kingdom, were priced at SR26 per share, giving the retail company a market capitalisation of about SR12.4 billion ($3.3 billion) at the time of listing.
Final allocations were approximately 94 percent to institutional investors and 6 percent to individual investors in Saudi Arabia.
Fawaz Alhokair, chairman of Arabian Centres, said: “Today marks a new beginning for Arabian Centres, as we begin trading on the Tadawul exchange. This is not only a major milestone for our company, but for Saudi Arabia as a whole.
"As the largest IPO in Saudi Arabia in the past four years... this is a historic moment for our business and for the country’s capital markets.”
Oliver Nougarou, CEO of Arabian Centres, added: “We are excited for what the future holds for our business and for our shareholders. This is a transformative event for Arabian Centres... Our IPO will enable us to embark on our strategy for future growth."
He said the company plans to develop eight assets and two expansions within the next five years.For all the latest market news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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