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.
For more articles like this, please visit us at bloomberg.com
©2020 Bloomberg L.P. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).
DISCLAIMER: This content is provided to us “as is” and unedited by an external third party provider. We cannot attest to or guarantee the accuracy of information provided in this article from the external third party provider. We do not endorse any views or opinions included in this article.