RIYADH — Saudi Fransi Capital announces the successful conclusion of the initial public offering (IPO) of Bonyan REIT, the largest REIT to be offered to date in the Kingdom.

The fund has a size of SR1,628,811,000 of which about 65,152,440 units at a par value of SR10 was offered to the public during April 15 to May 3.

The IPO had been made available through Saudi Fransi Capital and 5 receiving banks, which included Al Rajhi Bank, National Commercial Bank, Samba Financial Group, Riyad Bank, and Banque Saudi Fransi.

Bonyan REIT was entirely subscribed from the general public with 26,370 individual and institutional subscribers participating in the IPO. Allocation of units to investors has been completed and the fund is now working towards a successful listing process on the Saudi Stock Exchange (TASI).

Shariah-compliant Bonyan REIT aims to ensure a sustainable income stream for investors over the medium- to long-term from its high-quality portfolio. — SG