Saudi Arabia’s Al Othaim Family Pulls IPO for Malls Unit - Bloomberg
Saudi Arabia’s Al Othaim family has shelved plans for an initial public offering of its malls business, people familiar with the matter said, in a sign the global IPO market malaise is spreading to the Middle East.
The family is delaying a listing of Abdullah Al Othaim Investment Co. over concerns about valuation and volatility in stocks, the people said, asking not to be identified discussing confidential information.
They’d been considering seeking about $400 million to $500 million from the offering in Saudi Arabia, though hadn’t set precise terms of the deal, the people said. An IPO of the malls unit could be revived at a later date, according to the people.
A representative for the company didn’t immediately respond to a request for comment. GIB Capital LLC had been advising on the listing.
The Middle East has been a rare bright spot for listings in 2022. But rising inflation, combined with higher interest rates, is weighing ever heavier on investor demand for IPOs, particularly for those of consumer-facing businesses.
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