GIB Capital, in its capacity as joint financial advisor, bookrunner and underwriter for IPO of Umm Al Qura for Development and Construction Company (“Umm Al Qura”) announces the successful completion of the offering and the listing of shares on the Main Market.
 
The IPO, consisting of 130.8 million shares with a total offering size of SAR 1.96 billion, and implying a market capitalization of SAR 21.58 billion, garnered exceptional local and international interest resulting in institutional coverage of 241x.  Additionally, the retail tranche was 20x oversubscribed with more than a million individual subscribers. GIB Capital led the investor engagement throughout the process, demonstrating its expertise in managing institutional demand and contributing to the offering’s success.
 
The success of the IPO is a testament to Umm Al Qura’s remarkable accomplishments and achievements since inception. As owner and developer of Masar Destination in Makkah, one of the largest redevelopment projects in the region with a land area covering 1.25 million square meters, Umm Al Qura’s development strategy was specifically conceived to address the future needs of Makkah and aims to enact the Kingdom’s aspirations under Vision 2030, with an emphasis on sustainability, quality of life, state of the art infrastructure and unmatched mobility and connectivity.  
 
GIB Capital, established in 2008, provides a comprehensive range of financial services, including equity capital markets advisory, mergers and acquisitions, debt capital markets, debt advisory, asset management and brokerage services. It is one of the prominent and distinguished entities in providing financial advisory services to GREs, institutions, family businesses and investors in the Saudi market.