Baker McKenzie advised Dar AlMajed Real Estate Company on its SAR 1.26 billion Tadawul IPO
Baker McKenzie has advised Dar AlMajed Real Estate Company (“AlMajdiah” or “the Company”), one of Saudi Arabia’s leading real estate developers, on its successful Initial Public Offering (IPO) on the Tadawul Main Market.
The Baker McKenzie team provided end-to-end legal support on the offering of 90 million ordinary shares, representing 30% of the Company’s share capital. The shares were priced at SAR 14 per share (equivalent to USD 3.73), implying a market capitalization of SAR 4.2 billion (approximately USD 1.1 billion) at listing. The offering raised SAR 1.26 billion (approximately USD 336 million). AlMajdiah was successfully listed on August 10, 2025, following approval from the Capital Market Authority (CMA) on March 20, 2025.
Founded in Riyadh, Dar AlMajed Real Estate Company has developed a strong reputation for high-quality residential and commercial projects across the Kingdom. Its portfolio reflects a commitment to urban innovation, sustainable design, and community-focused planning.
Leading the transaction, Karim Nassar (Managing Partner, Baker McKenzie Saudi Arabia) commented,
“Advising Dar AlMajed on this milestone IPO reflects our deep commitment to supporting visionary companies in Saudi Arabia as they scale and access public markets. This transaction not only showcases the strength of AlMajdiah’s business model but also signals growing investor confidence in the Kingdom’s real estate sector. At Baker McKenzie, we are proud to play a role in shaping the future of capital markets in the region.”
Hessa AlAiban (Partner, Baker McKenzie Riyadh) said
“This IPO is a testament to the strength of AlMajdiah’s business model and its alignment with Vision 2030’s goals for economic diversification and urban development. We are honoured to have played a role in this milestone.”
During the institutional book-building process, 80% of the Offer Shares were allocated to institutional investors, while 20% went to retail investors. The institutional tranche witnessed strong demand, being covered 107 times.
The Baker McKenzie Capital Markets team advising on this IPO was led by Karim Nassar (Managing Partner) and Hessa AlAiban (Partner), supported by Bayan AlDaej (Associate), Saud AlFantoukh (Associate), Lama AlHabib (Associate), and Abdullah Alonaizan (Associate).
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