Ashurst advises on Dar Global Plcs listing on London Stock Exchange
28 February 2023
Dar Global was established to take advantage of the growing second home markets in internationally recognised luxury locations and to develop the international assets of Dar Al Arkan Real Estate Development Company PJSC, a leading real estate developer in Saudi Arabia which is listed on the Saudi Stock Exchange.
In February 2023, Dar Global completed a private placement by issuing 21,621,612 ordinary shares at a price of US$3.33 per share to certain institutional and other investors to raise gross proceeds of US$72 million. Following the private placement Dar Al Arkan Real Estate Development Company retained a majority shareholding equivalent to circa 88% in Dar Global. The market capitalisation of the Company is c.US$600 million at the private placement price.
The Ashurst team was led by partner and Head of ECM, Nicholas Holmes, and US securities partner, Jeffrey Johnson, assisted by senior associate Louise Chan and associates Liam Stoneley and Kseniia Samokhina. Tax partner Nicholas Gardner, senior associate Marianna Kennedy and associate Oliver Passmore also advised with assistance from trainees Lucy Mclaughlan and Matthew Hall.
Commenting, Nicholas Holmes, Head of ECM, said: "We were delighted to work with Liberum and Dar Global on this successful IPO."