A developer in Saudi Arabia received $3.36 billion in IPO subscriptions, totaling $36 billion.

Dar Al Majed Real Estate Co. in Saudi Arabia received subscriptions worth 13.5 billion riyals, or 3.6 billion US dollars, in its $336 million initial public offering. The company announced on Tuesday that the issuance price was set at 14 riyals per share, at the upper end of the guided price range. Shareholders will sell 30% of the shares, or approximately 90 million shares, with an implied valuation of 4.2 billion riyals. The company stated that institutional investors received 107 times oversubscription. The retail subscription period is from August 14th to 18th.