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Alramz Real Estate has received firm cornerstone commitments from Bin Jarallah Construction, AWJ Holding and Abdullah Abunayyan Holding for its upcoming IPO on the Saudi Exchange. The three institutions will collectively subscribe to around 2.7%, 2.5% and 1.1% of the company's post-offering capital. The IPO will comprise 12.86 million new shares, equal to 30% of the enlarged capital. Alramz has already secured regulatory approval for the offering, and the subscription window is scheduled for early December. The company's prospectus also outlines its expansion plans, financial details and governance framework.
Alramz Real Estate confirmed that Bin Jarallah Construction, AWJ Holding and Abdullah Abunayyan Holding have agreed to participate as cornerstone investors in its upcoming IPO on the Main Market of the Saudi Exchange. A supplementary prospectus released in recent days states that Bin Jarallah will subscribe to 1.18 million shares, amounting to nearly 2.7% of the company's post-offering capital. AWJ Holding will take up about 1.07 million shares, or roughly 2.5%, while Abunayyan will acquire 462,000 shares, representing close to 1.1%. Advertisement
The planned IPO will offer 12.86 million new shares, representing 30% of the company's capital after the increase. At present, Alramz has a share capital of SAR 300 million distributed across 30 million shares at SAR 10 each. After the completion of the offering, the capital is expected to rise to SAR 428.57 million, divided into 42.86 million shares. These figures were previously detailed in the company's published prospectus.
The Capital Market Authority had approved Alramz's application earlier this year, allowing the company to proceed with offering 12,857,143 shares, equivalent to 30% of its increased capital. The published prospectus provides information on the company's operations, financial performance, and risk factors, along with details on governance and strategy. Individual investors, including Saudi nationals, GCC nationals, and resident non-Saudis, have been allocated 20% of the total offering, while institutional investors will cover the remaining portion.
The public subscription period is scheduled for December 7 to December 9. These dates have been confirmed in the offering documents. Alramz, founded in Riyadh in 2016, has been active in property development, land acquisition, and project management across residential and commercial segments. The company had earlier considered a listing on Nomu in 2022 but withdrew those plans after preparing a subscription round for 3.3 million shares.
The current offering marks the company's first move toward a Main Market listing, supported by anchor commitments that add stability ahead of the subscription period.
Source Reuters
5th Jun, 2025
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