The BinDawood family’s fortune soared after shares in their eponymous Saudi Arabian grocery business rose by 10% on their first day of trading.
Members of the family own a 67% stake worth about $2.2 billion in BinDawood Holding Co., according to Bloomberg calculations based on the IPO prospectus. They also raised about $500 million from the initial public offering.
BinDawood is one of the biggest grocery chains in Saudi Arabia, operating upmarket stores under the Danube brand and mass-market stores under the BinDawood brand. It was founded in 1984 by Khaled Dawood Ibrahim BinDawood and has since grown to operate more than 70 stores.
The stock surged on Wednesday in Riyadh, rising to 105.60 riyals from the 96 riyals ($25.60) offer price. The shares had already been priced at the top end of the marketed range after the deal was about 50 times oversubscribed and the IPO received $29 billion in bids.
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