Riyadh – Mubasher: Saudi Leejam Sports Co seeks an initial public offering (IPO) in the Saudi Stock Exchange (Tadawul) in the fourth quarter of 2017 and expects raising SAR 1 billion ($266.65 million), sources told Reuters on Tuesday.

The agency stated that the company had hired the investment banking arm of Samba Financial Group and Rothschild last year to arrange its share sale, which will see 30% sold to the public and a listing on the Tadawul.

Leejam was established in 2007 by vice chairman Abdulmohsen al-Haqbani and is operating in 120 locations across Saudi Arabia and Dubai under the brand name “Fitness Time,” according to its website.

Reuters said that Leejam plans to submit a formal application for an IPO to the Capital Market Authority (CMA) in the coming weeks, according to banking sources.

Another banking source pinpointed that the company is ready for the IPO and had completed all the required processes for the listing except the official request to the regulator.

Much of the shares put up for sale will likely to come from Bahraini alternative investment firm Investcorp, sources told Reuters in May last year.