Saudi Developer Draws $36 Billion in Orders for $336 Million IPO

Saudi Arabia’s Dar Al Majed Real Estate Co. drew 135 billion riyals ($36 billion) in orders for its $336 million initial public offering, as liberalized foreign ownership rules spark interest in the kingdom’s property market.

The developer, better known as Almajdiah, priced the offering at 14 riyals per share, the top of the marketed range, it said in a statement. Shareholders are selling a 30% stake, or about 90 million shares, with the pricing implying a valuation of 4.2 billion riyals.