Saudi Arabia's BinDawood Said to Pick JPMorgan, Goldman for IPO - Bloomberg:
Saudi Arabia’s BinDawood Group is working with Goldman Sachs Group Inc. and JPMorgan Chase & Co. to sell shares of its supermarket business as early as next year, according to people with knowledge of the matter.
The company also picked GIB Capital for the deal, which could value the business at more than 7 billion riyals ($1.87 billion), the people said, asking not to be identified as the information is private. Moelis & Co. is working as the financial adviser.
The group started preparations earlier this year to list the company that operates the BinDawood and Danube supermarkets and hypermarkets, Bloomberg News reported. The deal would allow Investcorp Bank BSC to exit its minority stake in the retailer, marking the buyout firm’s third exit from Saudi investments via an IPO in five years.
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