Saudi Arabia’s BinDawood Holding Co. will delay its initial public offering (IPO), as the company discovered undisclosed transactions with related parties, Bloomberg reported, citing sources with knowledge of the matter.
The offering is expected to be postponed for one week from its initial timeline.
The Saudi retailer’s institutional offering was oversubscribed by over 50 times. Accordingly, the retail offering’s delay is unlikely to have a major impact on the final offering price, the sources added.
On Sept. 24, BinDawood announced a delay in the retail part of its initial public offering (IPO), Argaam reported.
The retail offering of up to 10% of the offering size or 2.286 million shares, was slated to open from Sept. 27-29.