BinDawood Holding sets IPO price range

One of the leading Saudi supermarket retailer BinDawood Holding set price range for its initial public offering (IPO); seeking to raise as much as $585mn (2.19bn Saudi riyals) in a listing in Tadawul. Immediately following listing; the company is expected to have a free float of 20% of the entire issued share capital of the company.

The BinDawood Holding, along with Goldman Sachs Saudi Arabia and J.P. Morgan Saudi Arabia Company as joint financial advisors, announced the float; as well as the commencement of the institutional book-building period.

The bookbuilding period for institutional investors will take place between Sept. 13-22, the filing said. The subscription period for retail investors will take place between Sept. 27-29. Allocations of the shares will take place on Oct. 1.

The company also plans to offer 22.86mn existing shares at an indicative pricing of between $22.44 and $25.64 (SR84 to SR96) per share in the planned IPO, according to a regulatory filing on Sunday. It targets a valuation of between $2.56bn and $2.94, according to Reuters calculations.

The IPO will also comprise an offer of 22,860,000 Offer Shares to institutional investors entitled to participate in the book-building process based on the Price Range in accordance with the Capital Market Authority (CMA) instructions on bookbuilding and allocation of shares in Initial Public Offerings.

The Company also appointed GIB Capital as Senior Bookrunner, Coordinator, and Underwriter; in addition to NCB Capital Company as Lead Manager, Bookrunner, Coordinator and Lead Underwriter (Goldman Sachs Saudi Arabia, J.P. Morgan Saudi Arabia Company, GIB Capital and NCB Capital Company together, the “Bookrunners”).

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