Riyadh – Mubasher: Umm Al Qura for Development and Construction, the owner, developer and operator of MASAR Destination, has issued a supplementary prospectus and signed a binding investment undertaking agreement for its initial public offering (IPO) with Takatuf Holding Group Company, a limited liability company wholly owned by Abdullah Sulaiman Al Rajhi Holding Company (ASAQ).
The cornerstone investor has committed to a subscription of 8.87 million offer shares, representing 6.80% of the offer shares. The cornerstone commitment represents approximately 0.62% of the company’s share capital after the offering.
Yasser Abdulaziz Abu Ateek, CEO of Umm Al Qura, commented: “We are pleased to welcome Takatuf Holding Group Company, a wholly owned subsidiary of Abdullah Sulaiman Al Rajhi Holding Company, as a cornerstone investor for our IPO. This step reaffirms the attractiveness of the investment opportunities Umm Al Qura offers and its ability to attract investors. It also reflects Takatuf’s confidence in the company’s business model and growth strategy. We are delighted to collaborate with such a distinguished partner to create sustainable value for our shareholders.”
The price range for the offering was announced earlier and set between SAR 14–15 per share. This implies an offering size between SAR 1.83 billion ($488.26 million) and SAR 1.96 billion ($523.14 million) reflecting a total market cap at listing between SAR 20.14 billion ($5.37 billion) and SAR 21.57 billion ($5.75 billion).
The institutional book building period commenced on 16 February 2025 and ends on 20 February 2025. The final offering price will be determined at the end of the book-building process.
It is also worth noting that the supplementary prospectus included amendments to the information contained in the preliminary prospectus to reflect material developments and clarify some of the information included in the preliminary prospectus.
For more information about the IPO and the supplementary prospectus, visit the company’s IPO website: ipo.ummalqura.com.sa/en.
Takatuf Holding Group Company was established in 1433H and is a limited liability company headquartered in Riyadh, Saudi Arabia, and a wholly owned subsidiary of Abdullah Sulaiman Al Rajhi Holding Company. The company specialises in financial investments and the development of large-scale, multi-use projects in the Kingdom through its subsidiaries. Takatuf Holding Group is a key investor in the Saudi markets.
