RIYADH: Saudi Home Loans Co., a pioneer in Islamic real estate financing, said it will proceed with an initial public offering of a 30-percent stake on the Saudi main index, TASI, despite the geopolitical tensions that rattled IPO markets globally. 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. The Riyadh-based company will allocate up to 30 million shares to participating entities, while individual investors will be allowed a maximum of 3 million shares, it said in a statement. The offer price will be determined upon completion of the book-building period that will be led and managed by Riyad Capital. This step aims to strengthen the company’s position in its field, “in a way that contributes to increasing its returns at a steady and balanced pace,” said CEO, Bandar Al-Ghamdi. He added that listing will contribute to “boosting its leadership role in the real estate finance sector in the Kingdom of Saudi Arabia.” 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.