Al Andalus to float IPO on Saudi bourse Tadawul

The Riyadh-based developer is targetting the sale of 21 million shares, which form 30% of its share capital, through the December IPO

Al Andalus Mall in Jeddah.
Al Andalus Mall in Jeddah.

Saudi Arabia's Al Andalus Property will launch an initial public offering (IPO) in December.

The move will be the first foreign floatation in the Kingdom since the country permitted direct foreign share ownership. 

In a statement to Saudi bourse Tadawul, Riyadh-based Al Andalus said it is targetting the sale of 21 million shares, which will represent 30% of its share capital. 

An unspecified number of these shares will be allocated to institutional investors via a book-building process. 

The remainder will be offered to public between 17 and 23 December, 2015. 

Saudi Arabia has permitted direct foreign share ownership since June 2015.  

The property developer has built the Al Andalus Mall in Jeddah. 

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