BinDawood to offer its supermarket business for IPO by July- end, say sources

08/06/2020 Argaam

 

BinDawood Holding is planning to offer its supermarket business for an initial public offering (IPO) by the end of July to list on the Saudi Stock Exchange (Tadawul), the first Middle Eastern share sale since the COVID-19 pandemic.

 

The Saudi-based company aims to take advantage of a rise in demand for its online delivery business due to the shutdown, Bloomberg reported.

 

However, no financial decisions have been made regarding the IPO, and timing of the deal could change.

 

BinDawood Holding operates a total of 73 stores across the Kingdom, including BinDawood and Danube supermarket chains.

 

In February 2020, sources said that BinDawood is expected to go public by the end of Q1 2020 or the beginning of Q2 2020.

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