Umm Al Qura's Landmark IPO: A New Chapter on Tadawul
Deal News | Mar 28, 2025 | White & Case LLP
Global law firm White & Case LLP has successfully advised on the IPO of Umm Al Qura for Development and Construction, the owner, developer, and operator of the 'Masar Destination' project in Makkah, Saudi Arabia. The IPO, conducted on the main market of the Saudi Exchange (Tadawul), saw the company's institutional and retail tranches oversubscribed by 241 and 20 times, respectively, with total orders amounting to approximately US$126 billion. The offering raised SAR 1.96 billion (approx. US$523 million), marking Umm Al Qura as the third company to list on Tadawul this year. The transaction was led by White & Case partner Sami Al-Louzi with support from associates across Dubai and Riyadh.
Sectors
- Law Firms
- Real Estate Development
- Finance & Investment
Geography
- Saudi Arabia – The IPO of Umm Al Qura for Development and Construction was conducted on the Saudi Exchange (Tadawul), highlighting its significance in the Saudi market.
- United Arab Emirates – The advisory team from White & Case included professionals based in Dubai, indicating the cross-border collaboration in this transaction.
Industry
- Law Firms – Legal advisories like White & Case LLP play a crucial role in structuring and overseeing the legal aspects of IPOs and securities listings.
- Real Estate Development – Umm Al Qura for Development and Construction is involved in real estate development, particularly with its 'Masar Destination' project in Makkah.
- Finance & Investment – The IPO process involves various financial entities such as Albilad Capital, GIB Capital, Alrajhi Capital, and Alinma Invest as advisors and underwriters.
Financials
- SAR 1.96 billion (approx. US$523 million) – Total value of the offering from the IPO of Umm Al Qura for Development and Construction.
- SAR 468.75 billion (approx. US$125 billion) – Orders received for the institutional tranche of the IPO, which was 241 times oversubscribed.
- SAR 3.93 billion (approx. US$1.05 billion) – Orders received for the retail tranche of the IPO, achieving a 20 times oversubscription.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Umm Al Qura for Development and Construction | Target Company | Company | Owner, developer and operator of the 'Masar Destination' project in Makkah, conducting an IPO on Tadawul. |
| White & Case LLP | Legal Advisor | Company | Global law firm advising on the IPO, with a team led by partner Sami Al-Louzi. |
| Albilad Capital | Joint Financial Advisor, Lead Manager, Bookrunner and Underwriter | Company | Involved in the financial advisory and underwriting of the IPO. |
| GIB Capital | Joint Financial Advisor, Bookrunner and Underwriter | Company | Participated in the financial advisory and underwriting of the IPO. |
| Alrajhi Capital | Joint Financial Advisor, Bookrunner and Underwriter | Company | Engaged in financial advisor and underwriting services for the IPO. |
| Alinma Invest | Joint Financial Advisor, Bookrunner and Underwriter | Company | Provided financial advisory and underwriting for the IPO. |