Home GCC Saudi Arabia BinDawood said to seek as much as $580m from Saudi IPO BinDawood plans to sell 22.86 million shares through a book-building process by Bloomberg September 13, 2020 BinDawood Holding Co., one of Saudi Arabia’s largest grocery chains, has set a range of SAR84 to SAR96 ($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 SAR9.6bn to SAR11bn ($2.6bn to $2.9bn) for the company, which seeks to sell a 20 per cent stake. The price range is expected to be announced on 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 per cent from the year-ago period. The company is working with Goldman Sachs Group, JPMorgan Chase & Co., GIB Capital, NCB Capital and Moelis & Co. on the IPO. Tags BinDawood Danube Grocery Chain IPO Saudi Arabia 0 Comments You might also like IMF slashes 2025 Saudi Arabia growth forecast on extended oil production cuts Aramco to set up minerals exploration, mining JV with Ma’aden Saudi Arabia’s flyadeal set to order Airbus A330neo jets Saudi Arabia’s PIF completes acquisition of 23.08% stake in Saudi Re
