Markets Umm Al Qura IPO order book hits $126bn By Pramod Kumar February 28, 2025, 9:22 AM Alamy via Reuters Umm Al Qura's IPO was oversubscribed 241 times. Retail subscriptions will start on March 5 and end on March 9 The institutional offering of Umm Al Qura for Development and Construction (Umm Al Qura), the developer of SAR100 billion ($26.7 billion) Masar, a mixed-use project in Mecca, was oversubscribed 241 times, according to a statement. The company, which is backed by the state-run General Organization for Social Insurance (Gosi) and Public Investment Fund (PIF), will raise $523 million from the share sale on the Saudi stock exchange, the statement said. The final initial public offering (IPO) price was set at SAR15 per share. The price implies a market capitalisation of SAR21.58 billion at listing. Gosi currently owns 26 percent of the developer, while PIF holds 21 percent. Retail subscriptions will start on March 5 and end on March 9. Mecca project developer targets $533m from Saudi listing Saudi developer Umm Al Qura to float on Tadawul In December 2024, the Capital Market Authority, the kingdom’s market regulator, approved the company’s application to register its 131 million shares in a public offering. It also received the Saudi exchange’s approval to list on the main market (Tasi) in the same month. The Masar project is one of the largest redevelopment projects in the region, stretching more than 3.5km along Mecca’s western border. It will consist of 205 investment plots, covering a total area of 64 hectares and a total gross floor area of 5.7 million sq m. The project will have 18,000 serviced apartments, 23,000 hotel keys, 9,000 residential units and a retail leasable area of 216,000 sq m.
