Saudi Arabia-based operator of hypermarkets and supermarkets BinDawood Holding has priced its initial public offering at 96 riyals ($25.59) per share.
The retailer, which owns the Danube and BinDawood branded hypermarkets and supermarkets, said the book-building process generated an order book of 106.9 billion riyals ($28.50 billion).
Public funds, private funds and discretionary portfolios, non-Saudi investors and other investors subscribed the issue. Subscribers include government institutions, private firms and financial institutions.
I am very pleased with the exceptionally strong demand we have witnessed for BinDawood Holding shares by institutional investors,” said Ahmad Abdulrazzaq, CEO, BinDawood. We believe it reflects their confidence in our ability to successfully execute our strategy to become the leading grocery retail brand in Saudi Arabia.”
“We look forward to welcoming a diverse institutional shareholder base, that is committed for the long-term, as we mark the latest milestone in BinDawood Holding’s rich heritage and history of resilience and innovation. We look forward to welcoming Saudi citizens and residents to join us in the latest chapter of our growth journey when the retail subscription commences from October 8 -12,” Abdulrazzaq, added.
“Our BinDawood and Danube stores cater to all customer segments across the value chain, complemented by our online platforms. Research tells us that the modern grocery retail market in Saudi Arabia was valued at SAR 57 billion in 2019 and is set to grow at 5% per year through to 2024. The IPO will give our new institutional and retail investors an opportunity to be part of this growth in the long term,” explained Abdulrazzaq.
Saudi Arabia is seen encouraging more family-owned establishments to go public in a bid to strengthen its capital markets under reforms aimed at reducing its reliance on oil revenues.
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