BinDawood Holding’s retail unit said to go for IPO early next year

Saudi Arabia’s BinDawood Holding is working with Goldman Sachs Group Inc. and JPMorgan Chase & Co. to sell shares of its supermarket business in an initial public offering (IPO) as early as next year, Bloomberg reported on Monday, citing unnamed sources.

BinDawood has also hired GIB Capital and Moelis & Co. as financial adviser for the deal, which could value the business at over SAR 7 billion ($1.87billion).

The Saudi retailer’s portfolio includes two leading brands, namely BinDawood which operates 28 stores, and Danube with 42 branches across the Kingdom, according to data available on Argaam.

The company’s retail revenue exceeded $1 billion in 2019. Additionally, it is planning to pursue expansions and open 90 stores by 2020.