Riyadh, Saudi Arabia — Majdiah Real Estate has officially launched the process for its initial public offering (IPO), targeting a listing of 30% of its capital on the Saudi Exchange (Tadawul).
Majdiah Real Estate IPO Set for Tadawul — Book-Building Begins July 29
Majdiah Real Estate received conditional approval from the Capital Market Authority (CMA) on March 20, 2025, to offer 90 million shares. This represents 30% of its 300 million-share capital and will be fully offered by existing shareholders. Earlier, Tadawul approved the listing on December 2, 2024.
Institutional Book-Building Phase Begins Late July
The institutional book-building window runs from July 29 to August 4, 2025. The final offer price will be determined based on institutional bids. Retail subscriptions will open from August 14 to 18. Final share allocations are due on August 20, with refunds processed by August 21.
Saudi Fransi Capital is acting as the offering’s financial advisor, lead manager, bookrunner, and underwriter.
Company Track Record and Financial Profile
Founded in 2014, Majdiah Real Estate has completed over 180 projects, covering over 2.5 million square meters. The company supports around 70,000 residents through its 18,000 housing units.
In 2024, Majdiah reported SAR 214 million in net profit, a 45% increase year over year. In Q1 2025, profits surged to SAR 102 million, more than doubling year over year with a 110% gain.
Implications for Investors and the Market
•Liquidity Boost: The IPO introduces a 90 million-share free float, enhancing market liquidity in the real estate sector.
•Price Discovery Ahead: The institutional book-building phase will set the offer price and measure investor demand.
•Retail Engagement Expected: A clear subscription window suggests strong participation from individual investors.
Tadawul clarified that this is a secondary offering. All proceeds will go to existing shareholders, and the company will not raise new capital.
THE SAUDI STANDARD’S VIEW: Majdiah Real Estate IPO Anchors Confidence in Housing Sector and Capital Market Expansion
The Majdiah Real Estate IPO is a major step forward for Saudi Arabia’s housing and capital markets. By listing 30% of its shares, Majdiah opens new investment opportunities and supports the broader Vision 2030 goals of economic diversification and capital access.
•Real Estate in Market Spotlight: As one of Saudi Arabia’s most active residential developers, Majdiah’s entry into public markets meets rising investor interest in the housing sector, which is key to Vision 2030’s Housing and Quality of Life Programs.
•Strong Financials Reflect Sector Health: With profits up 45% in 2024 and 110% in Q1 2025, Majdiah showcases the financial strength of Saudi Arabia’s residential development sector amid rising urban demand.
•IPO Design Enhances Liquidity and Governance: While the offering does not raise fresh funds, it improves transparency, encourages market discipline, and introduces liquidity—vital for scaling family businesses in real estate.
•Capital Market Depth Expands: This IPO adds sectoral variety to Tadawul’s listings. Moreover, it demonstrates the institutional strength of the IPO pipeline, with Saudi Fransi Capital playing a leading role.
The Majdiah Real Estate IPO is more than a capital event. It symbolizes how public offerings can drive sector reform, boost public wealth creation, and mature Saudi Arabia’s financial system. As the listing progresses, it will serve as a benchmark for future real estate entries and reinforce the Kingdom’s inclusive investment future.
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