Umm Al Qura for Development & Construction Co., backed by Saudi Arabia’s sovereign wealth fund, is seeking to raise as much as $523 million from an initial public offering in Riyadh.
The firm, which is developing one of the largest projects in the Muslim holy city of Mecca, plans to sell about 130.8 million new shares at 14 riyals to 15 riyals ($3.73 to $4) apiece, according to a statement on Sunday.
Umm Al Qura unveiled plans to list earlier this month, just days after Saudi Arabia started
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