Home GCC Saudi Arabia Saudi Al Othaim family scraps IPO of malls Abdullah Al Othaim Investment Company decided to cancel the listing of a 30 per cent stake on the Saudi stock exchange by Bloomberg July 4, 2022 Saudi Arabia’s Al Othaim family has called off its plans to sell shares of its malls business, in a rare instance of an initial public offering in the Middle East being scrapped. Abdullah Al Othaim Investment Company decided to cancel the listing of a 30 per cent stake on the Saudi stock exchange, according to a statement, without specifying the reason. Bloomberg News reported in May that Al Othaim family had delayed the IPO of its mall unit just as it was due to start an investor roadshow for the offering, shortly before the family confirmed the report. The firm said at the time it was rescheduling the listing to select “the best suitable window.” More family-owned companies have been listing in Saudi Arabia as officials try to deepen its capital markets and shake up traditional ways of doing business. Even though investor appetite for local listings in the kingdom remains strong, a rally in Middle Eastern equities faded over the past month as fears of recessions gripped global markets. Saudi Arabian stocks briefly erased this year’s gains in June and are down more than 16 per cent from highs in May. The Al Othaim family was considering seeking about $400m to $500m from the offering in Saudi Arabia, though hadn’t set precise terms of the deal, people familiar said in May. GIB Capital had been advising on the listing. Tags Al Othaim Family IPO malls middle east Saudi 0 Comments You might also like Egypt’s United Bank to sell 30% stake via IPO on local bourse Türkiye plans IPOs for state energy companies, minister says Oman’s OQ to raise $490m from IPO of methanol, ammonia unit Delivery Hero’s Talabat sets IPO price range, seeks to raise $1.52bn