Umm Al Qura for Development and Construction Co. (UQDC) (Ticker: 4325 SA), the owner and developer of the MASAR Destination in Mecca, Saudi Arabia, will begin trading on the Saudi Exchange's Main Market (TASI) on March 24, 2025. The company offered 130.79 million shares, representing 9.09% of its post-IPO capital, at a final offer price of SAR 15 (USD 4) per share. This implies a market capitalization of approximately SAR 21.58 billion (approximately USD 5.75 billion). 10% were for retail investors and 90% to institutions. The retail offering was 20 times oversubscribed, and the institutional offering was 241 times oversubscribed. The company, backed by the Public Investment Fund (PIF) and General Organization for Social Insurance (GOSI), raised $523 million (SAR1.96 billion) from the share sale. The Masar project, where company is a developer is a large redevelopment project, including residential units, hotel keys and a large retail area.