Albilad MSCI Saudi Growth ETF raises SAR 19M in IPO, sets operation date

Logo of Albilad Capital

Albilad Capital said the initial public offering (IPO) of Albilad MSCI Saudi Growth ETF closed on Jan. 24.

The fund raised SAR 19 million and will start operations on Jan. 31, Albilad Capital said in a statement to Tadawul.

The fund’s IPO kicked off on Jan. 23, Argaam reported.

The offering was scheduled to last 30 business days. The fund manager has the right to extend the IPO for a similar duration. In case the minimum amount is raised, the fund manager can close the offering earlier.

The fund’s units were priced at SAR 10 each. The fund manager had planned to raise a minimum of SAR 10 million in the offering.