Alt Capital acquires significant minority stake in Dkhoni ahead of IPO plans

Snapshot of the agreement signing

Alt Capital, a CMA-regulated private equity firm, announced the acquisition of a significant minority stake in Dkhoni, as part of its strategy to back high-potential consumer businesses in Saudi Arabia and the wider region.

In a statement, Alt Capital said Dkhoni is one of the region's leading companies in the fragrance market, with revenues exceeding SAR 600 million. The company added that acquiring a significant minority stake supports its growth trajectory and potential initial public offering (IPO) on the stock market within 18 months.

Dkhoni has built a strong position in the fragrance market driven by a distinctive brand identity, expanding retail presence, and a loyal customer base.

Founder Rayan bin Hzam described the partnership as “a significant milestone,” adding that the company is now well-positioned to accelerate its expansion and move forward with its IPO ambitions.

This partnership will support Dkhoni’s next phase of growth, focusing on scaling operations, strengthening market positioning, and preparing the business for a potential public listing.

Karim Burhani, Managing Director of Alt Capital, said the company sees significant opportunity to further enhance scale and operational performance within the business, as it works closely with the management team to unlock additional value.

Abdullah Altobaishi, CEO of Alt Capital, commented: “We are pleased to partner with Dkhoni at this pivotal stage of its journey. The company has demonstrated strong brand equity, operational excellence, and a clear path toward scalable growth.

Our investment aligns with our mandate to support leading businesses as they prepare for long-term value creation, including public market readiness.”