Saudi Arabia's BinDawood Holding to delay IPO retail offer

Saudi Arabia's BinDawood Holding said on Thursday a development relating to the supermarket retailer that requires disclosure in a supplementary prospectus would delay the retail part of an initial public offering (IPO) planned for this month.

By Hadeel Al Sayegh

DUBAI, Sept 24 (Reuters) - Saudi Arabia's BinDawood Holding said on Thursday a development relating to the supermarket retailer that requires disclosure in a supplementary prospectus would delay the retail part of an initial public offering (IPO) planned for this month.

BinDawood Holding said a supplementary prospectus, to be approved by the Capital Market Authority, will contain "certain additional information regarding, among others, the institutional book-building and the retail offering period, which will no longer begin on September 27."

The company and the joint financial advisers expect to provide updates next week, BinDawood said in a statement on its website.

BinDawood Holding closed its books at the top of its price range, Reuters reported this week, after a bookrunner note said investors bidding below 96 Saudi riyal ($25.60) may not get an allocation.

The company last week set an indicative price for its IPO of between 84 to 96 riyals per share in the offering.

BinDawood will sell 20% of the company through the sale of existing shares. At the top of the range, the company could raise 2.19 billion riyals ($584 million) in a Riyadh listing.

(Reporting by Hadeel Al Sayegh; editing by Jason Neely and Barbara Lewis)

((Hadeel.AlSayegh@thomsonreuters.com; +971566883310;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Reuters

Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV.

Learn More