IslamicFinance.de

Saudi Arabia’s mortgage lender Amlak International for Real Estate Finance starts trading shares on the Tadawul stock exchange. The company is floating 27.18 million shares, or 30 per cent of its total, with an indicative price range set at 15-17 Saudi riyals (Dh14.7-Dh16.6) per share. Proceeds of the offer are being used to repay selling shareholders. Amlak International was set up in 2007 and is a non-bank lender, mainly of property loans. Shares in Amlak International's IPO will be allocated on a pro-rata basis to individuals who subscribed to the offer, depending on the size of their request.

Saudi real estate financing firm Amlak International plans to float 30% of its shares in Riyadh, in what will be the exchange’s first initial public offering (IPO) since the coronavirus crisis. Amlak said the final offer price would be announced on June 30, after a book-building process starting on June 22. Saudi retailer BinDawood Holding also plans to launch an initial public offering as early as this month. The group hired Goldman Sachs, JP Morgan Chase, NCB Capital and GIB to organize the deal.