Mulkia Investment Company (Mulkia) announced that its Mulkia REIT IPO had been covered c20x with a total subscription value of SAR3.95bn from 27,844 subscribers, including retail and institutional investors. The surplus of subscriptions will be refunded within the coming week, while offered units, worth a total of SAR198.5mn, will be allocated on pro-rata basis. The fund is planned to have a diversified portfolio of investments in Riyadh, Jeddah, and Damam, targeting a size of SAR660mn and an annual rental revenue of SAR46.2mn.
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