Mubasher: Bahrain-based Investcorp announced the successful listing of portfolio company, Leejam Sports Company, on the Saudi Stock Exchange (Tadawul) on 10 September.

Leejam is considered the private equity firm’s second Saudi portfolio company to successfully go public on the Saudi stock market, according to a statement on Wednesday.

Leejam Sports is the first fitness chain to list in the region, and the first company to list on the Saudi exchange so far in 2018.

Being the largest fitness centre operator in Saudi Arabia and the Middle East and North Africa (MENA) region, Leejam was ranked the 17th largest company globally by the International Health, Racquet & Sports Club Association (IHRSA) in its “2017 Global 25” list in terms of number of fully owned fitness centres.

As of 31 December 2017, the Saudi Leejam owned and operated over 112 fitness centres under the “Fitness Time” brand, of which 108 fitness centres were located across 23 cities in the kingdom, and four centres in the UAE.

“Leejam opened its first ladies-only fitness centre in Saudi Arabia in July 2017, and is targeting to further capitalize on this attractive market opportunity to help drive future growth, together with the core male fitness market,” according to the statement.  

Hazem Bin Gacem, Co-CEO of Investcorp said that Leejam Sports Company's share sale marks the Bahrain-based equity company's second successful listing of a portfolio company on the Saudi bourse. He added that “Investcorp’s Gulf Opportunity Fund I and other affiliated companies have been part owners in two of the last three companies to list on the GCC’s largest equity index.”