JEDDAH, 12 December 2007 - Dar Al-Arkan’s initial public offering oversubscribed 423 percent, fetching more than SR14 billion, Samba Financial Group, the IPO’s manager announced yesterday.
Eissa Al-Essa, the CEO of Samba, said the weeklong Dar Al-Arkan IPO, offering 59.45 million shares worth SR3.33 billion, drew huge response from Saudi investors.
“More than 1.99 million Saudi individuals invested SR2.087 billion in shares allocated for them,” the Samba chief said, adding that the subscription process was carried out in a smooth manner.
Al-Eissa said the demand for Dar Al-Arkan from individuals and investment funds heralds a bright future for the real estate company. “Dar Al-Arkan is one of the leading real estate companies in the region and has the capabilities to occupy a high position in the field,” he added.
