Logo of Alsulaiman Group
Saudi Arabia's Al Sulaiman Group (ASG) is considering an initial public offering (IPO) of its IKEA franchise next year 2023, Reuters reported citing informed sources.
The sources said the group had appointed Moelis & Company as an advisor to the process, noting that it plans to invite banks to apply for roles in the potential offering.
The discussions are still at an early stage, and it’s yet clear the size of the offering or the value to be collected from the deal, the sources added.
According to the data available in Argaam, Saud Alsulaiman, CEO of Alsulaiman Group, had previously told Argaam that the group was considering and discussing the idea of listing one of its subsidiaries in the main market.
He stated that ASG holds IKEA franchise in Saudi Arabia and Bahrain. It owns four IKEA showrooms in Saudi Arabia, the latest of which was opened in January Riyadh. It also eyes expansion in Madinah, Aseer, and other cities in the Kingdom.
The global home furniture company, IKEA, entered Saudi Arabian market in 1983 after Alsulaiman Group obtained its exclusive franchise.
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