Baker McKenzie Legal Advisor to Dar AlMajed Real Estate Company on its SAR 1.26 billion Tadawul IPO

Baker McKenzie has acted as legal counsel to Dar AlMajed Real Estate Company ("AlMajdiah" or the "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 throughout the transaction, including the public offering of 90 million ordinary shares, representing 30% of the Company's share capital. Shares were priced atSAR 14 per share (equivalent to USD 3.73), implying a market capitalization of SAR 4.2 billion (approximately more than USD 1.1 billion) at listing. The offering raised SAR 1.26 billion (approximately USD 336 million). AlMajdiah was successfully listed on 10 August 2025following approval from the Capital Market Authority ("CMA") on20 March 2025.

Founded in Riyadh, Dar AlMajed Real Estate Company has built a reputation for delivering high-quality residential and commercial developments across the Kingdom. The Company's portfolio reflects its commitment to urban innovation, sustainable design, and community-centric planning.

Leading on the transaction, Karim Nassar, Managing Partner of 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."

Riyadh-based Partner, Hessa AlAiban, further stated: "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 participating institutional investors, and 20% were allocated to retail investors. The institutional tranche saw a robust demand, being covered 107 times.

Baker McKenzie's Capital Markets team advising on this IPO was led by Karim Nassar and Hessa AlAiban and supported by Bayan AlDaej, Saud AlFantoukh, Lama AlHabib, and Abdullah Alonaizan. Their combined expertise ensured the successful execution of this complex transaction.

This deal further reinforces Baker McKenzie's position as a trusted advisor in high-profile capital markets transactions. The firm recently advised HSBC Saudi Arabia on Derayah Financial Company's SAR 1.5 billion Tadawul IPO, underscoring its continued leadership in the region's legal landscape.

Saudi Fransi Capital acted as financial advisor, lead manager, underwriter, and bookrunner on the transaction, while PwC handled the financial due diligence and Colliers provided market consultancy.