Saudi Developer Umm Al Qura Draws $126 Billion in Orders for IPO
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Saudi Arabian firm Umm Al Qura for Development & Construction Co. has drawn about $126 billion in orders for its initial public offering in Riyadh, signaling continued robust demand for new listings in the kingdom.
The group, backed by Saudi Arabia’s sovereign wealth fund, is set to raise $523 million via the first-time share sale, Umm Al Qura said in a statement on Thursday. The demand implies an oversubscription of 241 times by local and international institutional investors.