Saudi Leejam Sports said to plan IPO on Tadawul

Riyadh-based gym operator Leejam Sports Co. is planning to float a 30 percent stake in an initial public offering (IPO) on Tadawul in the fourth quarter of this year, Reuters reported on Tuesday, citing unnamed banking sources close to the matter.

The company expects to raise SAR 1 billion from the offering. Leejam was set up in 2007 by Abdulmohsen Al-Haqbani and operates across Saudi Arabia and Dubai under the brand name Fitness Time, according to its website.

It will apply for an IPO with the Capital Market Authority (CMA), the Kingdom's market regulator, in the next few weeks.

Last year, Leejam picked Samba Capital and Rothschild last year to advise on its share sale.

Bahrain-based private-equity firm Investcorp, which acquired a 25 percent stake in Leejam in 2013, will offer much of the shares.