Saudi-based alternative investment manager Alkhabeer Capital has successfully closed the initial public offering (IPO) of its real estate investment trust (REIT) fund.
The fund was oversubscribed at 104% and raised over $66 million from more than 25,000 individual and institutional subscribers.
It has now allocated the final units at a rate of a minimum of 50 units per subscriber.
Remaining funds will be allocated on a pro rata basis for any orders in excess of the minimum limit.
According to Alkhabeer Capital chief executive Ahmed Saud Ghouth, the receiving banks have started the process of refunding the surplus of the subscribers’ funds and the units will be listed on the Tadawul with immediate effect.
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