Saudi retailer BinDawood Holding announced on Monday its plan to sell 22.86 million shares listing 20% of the company on the kingdom’s national stock exchange, the Tadawul.

The share sale of BinDawood’s supermarket business will tap mainly local investors but the initial public offering will be filed as a so-called “Regulation S” offering, allowing foreign investors outside the U.S. to take part, as well as overseas subsidiaries of U.S. funds.

“We have seen strong appetite from local investors, and investors from Europe,” CEO Ahmad AR. BinDawood told reporters on Monday.  

BinDawood has hired Goldman Sachs, JP Morgan Chase, NCB Capital and GIB to work on the deal, with Moelis & Company acting as an advisor.

BinDawood holding company operates 73 stores across the BinDawood and Danube supermarket chains and employs more than 10,000 people. The group operates across major Saudi Arabian cities,

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