Alramz Real Estate priced its Tadawul IPO at SAR 70 per share, the top of therange it was guiding on, after its institutional offering was 11.1x covered, drawing roughly SAR 10 bn in orders, it said in a press release (pdf). The final offer price will see it raise SAR 900.2 mn in gross IPO proceeds, according to our calculations, implying a market cap of SAR 3 bn at listing.

What’s next: Retail investors will get a three-day subscription period for 20% of the shares on offer starting Sunday, 7 December. They will be able to apply for up to 250k shares each, with a minimum of 10 shares, according to the prospectus. Final allocations will be made on Monday, 15 December.

REFRESHER- Alramz is floating 12.86 mn new shares, representing 30% of its post-IPO capital, on Tadawul’s main market. The IPO will raise the company’s capital to SAR 428.57 mn from SAR 300 mn once the sale wraps up. Alramz has already locked in cornerstone commitments for 2.7 mn shares. All proceeds — minus SAR 27 mn in offering expenses — will go to the company which plans to channel roughly 37% of them into project development, 36% into launching new real estate funds, and the remaining 23% toward general corporate purposes.

Where it ranks among its peers: With SAR 900.2 mn in proceeds, Al Ramz lands amongst the largest Tadawul main-market IPO of 2025, sitting just behind Nice One (SAR 908 mn) and ahead of United Carton Industries (SAR 600 mn) and Almasar Education (SAR 599 mn).

ADVISORS- SNB Capital is quarterbacking the transaction as the financial advisor, lead manager, bookrunner, and underwriter. Receiving agents include SNB Capital, BSF Capital, Al Rajhi Capital, Sab Invest, Alinma Capital, Riyad Capital, AlJazira Capital, Alistithmar Capital, AlBilad Investment, ANB Capital, Derayah Financial, Yaqeen Capital, AlKhabeer Capital, Sahm Capital, GIB Capital, Musharaka Financial, EFG Hermes KSA, and Awaed Financial Assets.

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