Riyadh – Mubasher: Derayah Financial Company concluded the institutional bookbuilding period for participating parties, setting the final price for its initial public offering (IPO) on the Main Market of the Saudi Exchange (Tadawul) at 30 per share.
The IPO implies a market cap at the listing of nearly SAR 7.50 billion ($2 billion), with the total size of the offering being around SAR 1.50 billion ($400 million), according to a press release.
The institutional book-building process garnered total orders of SAR 243 billion from local and international investors.
The offering was approximately 162 times oversubscribed, indicating a strong level of demand from institutional investors.
Taha Al Kuwaiz, Co-Founder and Chairman of Derayah, said: “The fact that the books were covered within minutes of the start of book-building, and that the total demand SAR 243 billion is a testament to our position as the leading independent digital investment platform in Saudi Arabia.”
Meanwhile, the subscription period for retail investors will start on Thursday, 20 February and end on Saturday, 22 February 2025.
Derayah Financial previously set the price range for its IPO between SAR 27 and 30 per share.
In December 2024, the Capital Market Authority (CMA) approved the company’s IPO to float 49.94 million ordinary shares, representing 20% of its issued share capital.
