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BinDawood Holding to postpone IPO

BinDawood Holding to postpone IPO
The company forecast to provide updates next week

Riyadh – Mubasher: Saudi Arabia's BinDawood Holding will delay the initial public offering (IPO) planned for this month, as the group is witnessing some developments that should be disclosed to the financial market.

The supermarket retailer will announce these developments in a supplementary prospectus, which will be issued following the approval of the Capital Market Authority (CMA), according to a statement on Thursday.

The prospectus will include more information relating to the institutional book-building and the retail offering period, which will no longer begin on September 27.

The company and the joint financial advisers, Goldman Sachs and J.P. Morgan, forecast to provide updates next week.

It is noteworthy to mention that last week, the company has set an indicative price for its IPO, aiming to raise SAR 2.19 billion in a Riyadh listing, as it plans to offer 22.86 million existing shares at indicative pricing of between SAR 84 to SAR 96 per share in the planned IPO.