Middle East News: Saudi Grocer Seeks First IPO Since Virus - Bloomberg:
Saudi Arabia’s BinDawood Holding is pushing ahead with the initial public offering of its supermarket business, in what would be the first Middle Eastern share sale since the coronavirus pandemic prompted governments to shut down economies.
The company, which operates 73 stores across the BinDawood and Danube supermarket chains, plans to kick off the deal in Riyadh by the end of July to take advantage of a rise in demand for its online delivery business due to the shut downs, according to people with knowledge of the matter.
No final decisions have been made and timing of the deal could change, the people said, asking not to be identified as the information is private. A representative for BinDawood declined to comment.
The offering would follow a February offering by hospital operator Dr Sulaiman Al Habib Medical Services Group Co., which raised 2.63 billion riyals ($701 million). That deal that was 83 times oversubscribed.
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