Islamic Finance

BinDawood said to seek as much as $580 million from Saudi IPO

Published 12 Sep,2020 via Bloomberg Markets - BinDawood Holding Co., one of Saudi Arabia’s largest grocery chains, has set a range of 84 to 96 riyals ($22-$26) per share for its initial public offering this month, according to two people familiar with the matter.

That would imply a valuation of 9.6 billion to 11 billion riyals ($2.6 billion to $2.9 billion) for the company, which seeks to sell a 20% stake. The price range is expected to be announced Sunday, the people said.

A spokesman for the company declined to comment.

BinDawood plans to sell 22.86 million shares through a book-building process. The IPO comes amid a boom in online retail spending and as Saudi Arabia sees more companies listing on the local exchange. BinDawood, which operates the BinDawood and Danube brands, said first-half profit rose 82% from the year-ago period.

The company is working with Goldman Sachs Group Inc., JPMorgan Chase & Co., GIB Capital, NCB Capital and Moelis & Co. on the IPO.

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Abbas Al Lawati and Matthew Martin