Riyadh – Mubasher: BinDawood Holding has set an indicative price for its initial public offering (IPO), aiming to raise SAR 2.19 billion ($585 million) in a Riyadh listing, Reuters reported on Sunday. 

The supermarket retailer plans to offer 22.86 million existing shares at an indicative pricing of between SAR 84 to SAR 96 per share in the planned IPO. This is equivalent to selling 20% of the company. 

According to Reuters calculations, the firm targets a valuation of between SAR 9.6 billion and SAR 11 billion. 

The bookbuilding period for institutional investors will be between 13 to 22 September while the subscription period for retail investors will take place between 27 to 29 September. Allocations of the shares will take place on 1 October.

BinDawood Holding owns the BinDawood and Danube retail chains and manages 73 hypermarkets and supermarkets in major Saudi cities, including Makkah, Medina, Jeddah, Riyadh, and Dammam.

The BinDawood supermarket chain is focused on the middle-income customers and Muslim pilgrims in the kingdom, while the Danube chain is focused on wealthier customers.