Saudis Set for Biggest IPO Since 2014 as Retailer Preps Sale - Bloomberg

Saudis Set for Biggest IPO Since 2014 as Retailer Preps Sale - Bloomberg:

Fawaz Alhokair Group, the Saudi retailer that owns the franchise for brands like Banana Republic and Zara, may raise as much as $1 billion from the share sale of its malls unit in what would be the kingdom’s biggest initial public offering in five years.

Arabian Centres Co. said Tuesday that it will sell 65 million existing shares and 30 million new shares and will list the shares on the Tadawul stock exchange.

The proceeds of the offering could “be in range of $1 billion” and might start around April 28, Chief Executive Officer Olivier Nougarou said on a conference call. The company will use the money to reduce debt.