‎Retail subscription to Al Majdiah 18M shares on TASI starts today

‎Retail subscription to Al Majdiah 18M shares on TASI starts today ‎Retail subscription to Al Majdiah 18M shares on TASI starts today

​‎

Retail investors will start today, Aug. 13, subscription to 18 million shares of Dar Al Majed Real Estate Co. (Al Majdiah) at SAR 14 each.

The shares offered to retail investors represent 20% of the total floated shares.

The retail offering will end on Aug. 18.

The Capital Market Authority (CMA) approved the company’s application last March to float 90 million shares on the Main Market (TASI), representing 30% of its SAR 300 million capital, divided into 300 million shares at SAR 1 each.

The institutional offering ended last week, with a coverage ratio of 107x.

This is the eighth IPO on TASI this year after Derayah Financial on Feb. 20, Entaj on Feb. 26, and Masar on May 5. This is in addition to United Carton Industries Co. (UCIC) on May 27, flynas on June 18, Specialized Medical Co. (SMC) on June 25 and Sport Clubs Co. in July 8.

Tadawul witnessed 14 IPOs last year,following listings by Middle East Pharmaceutical Industries Co. (Avalon Pharma) on Jan. 30,Modern Mills for Food Products Co.on March5,MiahonaCo.and Dr. Soliman Abdulkader Fakeeh Hospital Co. (Fakeeh Care) on May 21, Saudi Manpower Solutions Co. (SMASCO) on May 26, Al Taiseer Group Talco Industrial Co. (TALCO) on May 28,Rasan Information Technology Co.on May 29,Almajed for OudCo.on Sept. 15,Arabian Mills Co.on Sept. 18, Fourth Milling Co. (MC4)on Oct. 2,Tamkeen Human Resources Co.on Nov.5,United International Holding Co.on Nov. 19, Almoosa Health Co.on Dec. 23 and Nice One Co. on Dec. 24.

Company Profile

Incepted in 2014, Dar Al Majed Real Estate is a Saudi closed joint-stock company with an issued capital of SAR 300 million. Based in Riyadh, it converted from a limited liability company in 2023 and operates in real estate activities.

By the end of the first nine months of 2024, the company had sold about 1,421 residential units and held 215,000 square meters of saleable land. Projects under construction as of September 2024 exceeded SAR 1.2 billion. Performance indicators for fiscal years 2021–2023 and the first nine months of 2024 are shown in the following table.

Key Performance Indicators

Metric

2021

2022

2023

9M 2024

Units sold

874

1,176

1,220

1,421

Units developed

1,238

1,899

1,366

1,238

Saleable area (’000 sqm)

116.74

170.82

171.48

214.95

Avg. revenue per unit (SAR ’000)

850.83

1,002.13

1,088.44

1,097.35

Net profit (SAR mln)

286.85

109.51

147.38

181.50

Real estate inventory (SAR mln)

335.25

275.79

589.58

542.76

Land sold (sqm)

54,174

34,720

2,304

27,181

Projects under construction (SAR mln)

852.23

1,420.57

905.00

1,251.85

As of Sept. 30, 2024, the company held 354 completed units, comprising apartments and townhouses, that remained unsold, including 307 directly owned units expected to be sold in 2025.

Projects developed through investment funds accounted for 50% of total revenue by end-September 2024, while company-owned projects contributed 46%, joint ventures 3%, and third-party developments 13%, as shown in the following table:

Completed Units for Sale – End of September 2024

Project

Category

Type

Location (Riyadh)

Book Value (SAR mn)

Al Majdiah 129

Owned

Apartments

Al Qamrah

13

Al Majdiah 130

Owned

Apartments

Al Yasmin

1

Al Majdiah 138

Owned

Apartments

Al Nuzha

3

Al Majdiah 140

Owned

Apartments

Al Narjis

1

Al Majdiah 142

Owned

Apartments

Al Narjis

3

Al Majdiah 143

Owned

Apartments

Al Hamra

26

Al Majdiah 144

Owned

Apartments

Al Narjis

8

Al Majdiah 146

Owned

Apartments

Al Narjis

2

Al Majdiah 148

Joint

Townhouses Villas

Al Narjis

127

Al Majdiah 154

Joint

Townhouses Villas

Al Narjis

117

Al Majdiah 156

Fund-developed

Apartments

Al Nada

61

Al Majdiah 181

Fund-developed

Offices

Al Qirawan

75

Majaz

Fund-developed

Offices

Al Janadriyah

83

Al Majdiah 127

Fund-developed

Apartments

Al Malqa

3

Al Majdiah 132

Fund-developed

Apartments

Al Murooj

16

Al Majdiah 133

Fund-developed

Apartments

Al Qamrah

107

Al Majdiah 147

Fund-developed

Apartments

Al Narjis

207

Al Majdiah 139

Fund-developed

Apartments Townhouses

Tilal Al Riyadh

22

Al Majdiah 145

Fund-developed

Apartments

Al Aqiq

4

Al Majdiah 155

Fund-developed

Apartments

Irqah

23

Al Majdiah owns nine subsidiaries and three real estate funds with varying ownership stakes, including five wholly owned subsidiaries. It also fully owns Al Majdiah Investment Fund, with a capital of SAR 1 billion. The following table outlines the company’s real estate funds and subsidiaries:

Al Majdiah Real Estate Funds and Subsidiaries

Entity

Capital

(SAR mln)

Direct Ownership

Indirect Ownership

Mohammed Khalid Sons of Abdulrahman Al Majed Real Estate Co.

60.00

100%

Hossam Majed Sons of Abdulrahman Al Majed Real Estate Co.

15.00

100%

Al Raea Real Estate Co.

0.10

100%

AL FKRAA Investment for Development Real Estate Investment Co.

0.10

100%

Nabras Real Estate Development Co.

0.10

100%

Taj Al Hudu for Development Real Estate Investment Co.

0.10

100%

Jaddat Al Shati Real Estate Co.

0.50

70%

Jaddat Al Rabee Real Estate Co.

0.10

25%

Burj Al Raea Real Estate Co.*

50%

Al Majdiah Investment Fund

1,000.00

100%

Aldar Investment Fund

2,000.00

27%

43%

Alnarjis Real Estate Fund

500.00

63.53%

*Capital: SAR 500.

Company Info

Company

Dar Al Majed Real Estate Co. (Al Majdiah)

Core activities

Real estate activities

Capital

SAR 300 mln

No. of Shares

300 mln

Nominal Value

SAR 1/share

IPO Info

Offering Size

90 mln shares

Offering Percentage

30% of total capital

Retail Tranche

18 mln shares (20%)

Minimum Subscription (Institutions)

250,000 shares

Maximum Subscription (Institutions)

14.99 mln shares

Minimum Subscription (Individuals)

10 shares

Maximum Subscription (Individuals)

2.5 mln shares

Retail Subscription Period

Aug. 14-18, 2025

Final Allocation

Aug. 20, 2025

Surplus Refund (if any)

Aug. 21, 2025

Major Shareholders

Shareholders

Pre-IPO

Post-IPO

No. of Shares (mln)

Ownership Stake

No. of Shares (mln)

Ownership Stake

Dar Al Majed Holding

173.25

57.57%

121.27

40.43%

Rafid Al-Haditha Investment Co.

22.5

7.5%

15.75

5.25%

AWJ for Development Investment Co.

22.5

7.5%

15.75

5.25%

Other shareholders

81

27.43%

57.23

19.1%

Public

90

30.0%

Total

300

100 %

300

100%

Additional Information

Financial Advisor, Lead Manager, Underwriter Bookrunner

BSF Capital

Receiving Agents

Derayah Financial, Alinma Capital, Al Rajhi Capital, SNB Capital, Riyad Capital, ANB Capital, Alistithmar Capital, AlJazira Capital, GIB Capital, Alkhabeer Capital, SAB Invest, Sahm Capital, BSF Capital, Yaqeen Capital, Albilad Capital, Musharaka Capital, EFG Hermes KSA, and Awaed Capital

 

Retail investors will start today, Aug. 13, subscription to 18 million shares of Dar Al Majed Real Estate Co. (Al Majdiah) at SAR 14 each.

The shares offered to retail investors represent 20% of the total floated shares.

The retail offering will end on Aug. 18.

The Capital Market Authority (CMA) approved the company’s application last March to float 90 million shares on the Main Market (TASI), representing 30% of its SAR 300 million capital, divided into 300 million shares at SAR 1 each.

The institutional offering ended last week, with a coverage ratio of 107x.

This is the eighth IPO on TASI this year after Derayah Financial on Feb. 20, Entaj on Feb. 26, and Masar on May 5. This is in addition to United Carton Industries Co. (UCIC) on May 27, flynas on June 18, Specialized Medical Co. (SMC) on June 25 and Sport Clubs Co. in July 8.

Tadawul witnessed 14 IPOs last year,following listings by Middle East Pharmaceutical Industries Co. (Avalon Pharma) on Jan. 30,Modern Mills for Food Products Co.on March5,MiahonaCo.and Dr. Soliman Abdulkader Fakeeh Hospital Co. (Fakeeh Care) on May 21, Saudi Manpower Solutions Co. (SMASCO) on May 26, Al Taiseer Group Talco Industrial Co. (TALCO) on May 28,Rasan Information Technology Co.on May 29,Almajed for OudCo.on Sept. 15,Arabian Mills Co.on Sept. 18, Fourth Milling Co. (MC4)on Oct. 2,Tamkeen Human Resources Co.on Nov.5,United International Holding Co.on Nov. 19, Almoosa Health Co.on Dec. 23 and Nice One Co. on Dec. 24.

Company Profile

Incepted in 2014, Dar Al Majed Real Estate is a Saudi closed joint-stock company with an issued capital of SAR 300 million. Based in Riyadh, it converted from a limited liability company in 2023 and operates in real estate activities.

By the end of the first nine months of 2024, the company had sold about 1,421 residential units and held 215,000 square meters of saleable land. Projects under construction as of September 2024 exceeded SAR 1.2 billion. Performance indicators for fiscal years 2021–2023 and the first nine months of 2024 are shown in the following table.

Key Performance Indicators

Metric

2021

2022

2023

9M 2024

Units sold

874

1,176

1,220

1,421

Units developed

1,238

1,899

1,366

1,238

Saleable area (’000 sqm)

116.74

170.82

171.48

214.95

Avg. revenue per unit (SAR ’000)

850.83

1,002.13

1,088.44

1,097.35

Net profit (SAR mln)

286.85

109.51

147.38

181.50

Real estate inventory (SAR mln)

335.25

275.79

589.58

542.76

Land sold (sqm)

54,174

34,720

2,304

27,181

Projects under construction (SAR mln)

852.23

1,420.57

905.00

1,251.85

As of Sept. 30, 2024, the company held 354 completed units, comprising apartments and townhouses, that remained unsold, including 307 directly owned units expected to be sold in 2025.

Projects developed through investment funds accounted for 50% of total revenue by end-September 2024, while company-owned projects contributed 46%, joint ventures 3%, and third-party developments 13%, as shown in the following table:

Completed Units for Sale – End of September 2024

Project

Category

Type

Location (Riyadh)

Book Value (SAR mn)

Al Majdiah 129

Owned

Apartments

Al Qamrah

13

Al Majdiah 130

Owned

Apartments

Al Yasmin

1

Al Majdiah 138

Owned

Apartments

Al Nuzha

3

Al Majdiah 140

Owned

Apartments

Al Narjis

1

Al Majdiah 142

Owned

Apartments

Al Narjis

3

Al Majdiah 143

Owned

Apartments

Al Hamra

26

Al Majdiah 144

Owned

Apartments

Al Narjis

8

Al Majdiah 146

Owned

Apartments

Al Narjis

2

Al Majdiah 148

Joint

Townhouses Villas

Al Narjis

127

Al Majdiah 154

Joint

Townhouses Villas

Al Narjis

117

Al Majdiah 156

Fund-developed

Apartments

Al Nada

61

Al Majdiah 181

Fund-developed

Offices

Al Qirawan

75

Majaz

Fund-developed

Offices

Al Janadriyah

83

Al Majdiah 127

Fund-developed

Apartments

Al Malqa

3

Al Majdiah 132

Fund-developed

Apartments

Al Murooj

16

Al Majdiah 133

Fund-developed

Apartments

Al Qamrah

107

Al Majdiah 147

Fund-developed

Apartments

Al Narjis

207

Al Majdiah 139

Fund-developed

Apartments Townhouses

Tilal Al Riyadh

22

Al Majdiah 145

Fund-developed

Apartments

Al Aqiq

4

Al Majdiah 155

Fund-developed

Apartments

Irqah

23

Al Majdiah owns nine subsidiaries and three real estate funds with varying ownership stakes, including five wholly owned subsidiaries. It also fully owns Al Majdiah Investment Fund, with a capital of SAR 1 billion. The following table outlines the company’s real estate funds and subsidiaries:

Al Majdiah Real Estate Funds and Subsidiaries

Entity

Capital

(SAR mln)

Direct Ownership

Indirect Ownership

Mohammed Khalid Sons of Abdulrahman Al Majed Real Estate Co.

60.00

100%

Hossam Majed Sons of Abdulrahman Al Majed Real Estate Co.

15.00

100%

Al Raea Real Estate Co.

0.10

100%

AL FKRAA Investment for Development Real Estate Investment Co.

0.10

100%

Nabras Real Estate Development Co.

0.10

100%

Taj Al Hudu for Development Real Estate Investment Co.

0.10

100%

Jaddat Al Shati Real Estate Co.

0.50

70%

Jaddat Al Rabee Real Estate Co.

0.10

25%

Burj Al Raea Real Estate Co.*

50%

Al Majdiah Investment Fund

1,000.00

100%

Aldar Investment Fund

2,000.00

27%

43%

Alnarjis Real Estate Fund

500.00

63.53%

*Capital: SAR 500.

Company Info

Company

Dar Al Majed Real Estate Co. (Al Majdiah)

Core activities

Real estate activities

Capital

SAR 300 mln

No. of Shares

300 mln

Nominal Value

SAR 1/share

IPO Info

Offering Size

90 mln shares

Offering Percentage

30% of total capital

Retail Tranche

18 mln shares (20%)

Minimum Subscription (Institutions)

250,000 shares

Maximum Subscription (Institutions)

14.99 mln shares

Minimum Subscription (Individuals)

10 shares

Maximum Subscription (Individuals)

2.5 mln shares

Retail Subscription Period

Aug. 14-18, 2025

Final Allocation

Aug. 20, 2025

Surplus Refund (if any)

Aug. 21, 2025

Major Shareholders

Shareholders

Pre-IPO

Post-IPO

No. of Shares (mln)

Ownership Stake

No. of Shares (mln)

Ownership Stake

Dar Al Majed Holding

173.25

57.57%

121.27

40.43%

Rafid Al-Haditha Investment Co.

22.5

7.5%

15.75

5.25%

AWJ for Development Investment Co.

22.5

7.5%

15.75

5.25%

Other shareholders

81

27.43%

57.23

19.1%

Public

90

30.0%

Total

300

100 %

300

100%

Additional Information

Financial Advisor, Lead Manager, Underwriter Bookrunner

BSF Capital

Receiving Agents

Derayah Financial, Alinma Capital, Al Rajhi Capital, SNB Capital, Riyad Capital, ANB Capital, Alistithmar Capital, AlJazira Capital, GIB Capital, Alkhabeer Capital, SAB Invest, Sahm Capital, BSF Capital, Yaqeen Capital, Albilad Capital, Musharaka Capital, EFG Hermes KSA, and Awaed Capital

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