Perfume Retailer Arabian Oud Said to Hire Banks for #Saudi IPO - Bloomberg

Perfume Retailer Arabian Oud Said to Hire Banks for Saudi IPO - Bloomberg

Perfume retailer Arabian Oud has hired banks for a planned initial public offering in Saudi Arabia, according to people familiar with the matter.

The company has picked Emirates NBD Capital and SNB Capital for the potential share sale, the people said, asking not to be identified as the information isn’t public. Details such as timing and valuation are still under discussion and subject to change, the people said.

Representatives for SNB Capital declined to comment. Arabian Oud and Emirates NBD didn’t respond to requests for comment.

Founded by Sheikh Abdul Aziz Al-Jasir in 1982, Arabian Oud has 1200 stores across 37 countries and calls itself the world’s largest supplier of oriental fragrances, according to its website.

Oud perfume is a traditional Middle Eastern fragrance derived from the resin of the aquilaria tree native to Southeast Asia. Given only a small percentage of the trees produce the resin, it’s one of the rarest natural resources in the world.

Arabian Oud is planning to go public at a time deals are running hot in Saudi Arabia. Four recent IPOs in the kingdom drew a combined $176 billion in institutional investor orders as newly listed companies have continued to perform well.