RIYADH: Islamic real estate finance firm Saudi Home Loans Co. will start initial public offering book-building on March 15 amid a listing spree in the Kingdom.

The Riyadh-based company will allocate up to 30 million shares to participating entities with the price range set at SR17-20 ($4.53-$5.33) per share.

The book-building period will run for seven days until March 21, according to a bourse filing.

Operating since 2007, SHL is 40-percent owned by Arab National Bank, the second-largest shareholder is Dar Al Arkan, with 15 percent of share capital.

Upon completion of the book-building process, individual investors will be allowed a maximum of 3 million shares.

Such a move by the Shariah-compliant real estate lending firm is the latest in the Kingdom’s IPO wave in a bid to enhance liquidity and scale its capital markets.

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