Institutional part of the sale opened Sunday and will continue until September 22, followed by retail offering
BinDawood Holding Co., one of Saudi Arabia’s largest grocery chains, secured enough bids to fully cover its share sale on the first day of book-building, according to people familiar with the matter.
Bids from institutional investors for the initial public offering (IPO) were at the top end of the 84 to 96 riyals ($22-$26) pricing range, the people said, asking not to be identified as the information is private. The institutional part of the sale opened Sunday and will continue until Sept. 22, followed by a Sept. 27-29 retail offering.
The IPO comes amid a boom in online retail spending and as Saudi Arabia sees more companies listing on the local exchange. BinDawood, which operates the BinDawood and Danube brands, said first-half profit rose 82 percent from the year-ago period.
BinDawood is working with Goldman Sachs Group Inc., JPMorgan Chase & Co., GIB Capital and NCB Capital on the IPO.