Saudi retailer BinDawood to list 20% of company on the kingdom's Tadawul exchange

BinDawood's offering to target 90% institutional investors and 10% retail

The share sale of BinDawood's supermarket business will tap mainly local investors but the initial public offering will be filed as a so-called "Regulation S" offering, allowing foreign investors outside the U.S. to take part, as well as overseas subsidiaries of U.S. funds. BinDawood has hired Goldman Sachs, JP Morgan Chase, NCB Capital and GIB to work on the deal, with Moelis & Company acting as an advisorBinDawood holding company operates 73 stores across the BinDawood and Danube supermarket chains and employs more than 10,000 people. The group operates across major Saudi Arabian cities, including Makkah, Medina, Jeddah, Riyadh, Khobar and Dammam. Danube Online is the country's largest online grocery platform, with 3 million users.

"Definitely oil price, there are ups and downs" the CEO Ahmad AR. BinDawood told CNBC in a press call on Monday. "The sector we are performing in has proven resilience even in the worst time of the year."

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Source: CNBC - 🏆 12. / 72 Read more »