RIYADH: Saudi Retal Urban Development Co. has announced its price range as it seeks up to SR1.44 billion ($384 million) from an initial public offering. The developer set its price range at SR112-SR120 per share, the financial advisor of the offer, SNB Capital said in a bourse disclosure. Aiming to float 12 million shares, or a 30-percent stake, on the Kingdom’s main stock market, Retal will open for institutional investors starting May 25, until May 31. The final offer price will be determined upon completion of the book-building period, which will be followed by the individual investors’ subscription process. “This marks a significant milestone in the growth trajectory of our business and a key step towards further solidifying our leading position in the Saudi real estate sector,” the company’s board chairman, Abdullah Al-Fozan said.