BinDawood Holding prices IPO at SR96 per share

BinDawood Holding prices IPO at SR96 per share
BinDawood Holding prices IPO at SR96 per share

We show you our most important and recent visitors news details BinDawood Holding prices IPO at SR96 per share in the following article

Hind Al Soulia - Riyadh - RIYADH — BinDawood Holding Co. is set to sell shares at top price range for its initial public offering. The offer was priced at 96 riyals ($25.59) a share, the company said on Wednesday. BinDawood is set to raise about SR2.19 billion from the listing and will be valued at just under SR11 billion.

The listing was about 49 times oversubscribed, generating orders worth SR106.9 billion. The period for buyers to make changes to or withdraw their IPO orders ended on Monday.

BinDawood, which operates the BinDawood and Danube brands, said first-half profit rose 82% from the year-ago period.

One of the leading grocery retail operators of hypermarkets and supermarkets in the Kingdom of Saudi Arabia, BinDawood along with Goldman Sachs Saudi Arabia and J.P. Morgan Saudi Arabia Company, as joint-financial advisors, announced Wednesday the successful completion of the institutional book-building process in compliance with the guidelines of the Capital Market Authority (CMA).

Ahmad Abdulrazzaq BinDawood, chief executive officer, BinDawood Holding, said: “I am very pleased with the exceptionally strong demand we have witnessed for BinDawood Holding shares by institutional investors. 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. The retail subscription period is due to commence in the next few days during which we look forward to welcoming Saudi citizens and residents to join us in the latest chapter of our growth journey.

“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 SR57 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 a chance to be part of this growth for the long term.”

Saudi Arabian nationals, foreign residents in the Kingdom and GCC nationals (Individual Investors) will be able to subscribe for shares in the retail offering between Oct. 8-12 at the final offer price of SR96 per offer share through the appointed receiving banks which are National Commercial Bank and Al Rajhi Bank. — SG

These were the details of the news BinDawood Holding prices IPO at SR96 per share for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.

It is also worth noting that the original news has been published and is available at Saudi Gazette and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.

NEXT US Fed holds key rate steady for fourth straight meeting