Riyadh – Mubasher: Investcorp has successfully listed its portfolio company BinDawood Holding on the Saudi Stock Exchange (Tadawul).

This milestone marks Investcorp’s third public share sale in Saudi Arabia over the last four years, following the public offerings of L’azurde Company for Jewelry in 2016 and Leejam Sports Company (Fitness Time) in 2018, said a press release on Wednesday.

BinDawood Holding is one of the leading grocery retail operators of hypermarkets and supermarkets in Saudi Arabia. It has a total of 73 stores of which 51 are hypermarkets and 22 are supermarkets, operating under the BinDawood and Danube brands. Investcorp acquired a minority stake in BinDawood in 2016.

Head of Private Equity MENA and South East Asia, Walid Majdalani, said, “Since our acquisition of BinDawood Holding, we worked closely with the management team to help them deliver on their strategic growth plans, enhance the company’s value, optimise their operational leverage, and implement a best-in-class framework to scale their operations.”

CEO of BinDawood Holding, Ahmad Abdulrazzaq BinDawood, highlighted that Investcorp enabled BinDawood to transform from a family business into an institution, adding that Investcorp representatives shall remain on the grocery giant’s board following the listing.

CEO of Investcorp KSA, Yasser Bajsair, stated “Saudi Arabia is a key market for Investcorp and we believe that the Kingdom’s Vision 2030 will unlock significant additional opportunities for our firm and our clients. We remain committed to identifying and supporting the next generation of leading Saudi enterprises.”

So far, Investcorp has made seven investments in KSA, including prominent local champions such as BinDawood, L’azurde, Theeb Rent A Car, and Al Borg Medical Laboratories, operating across diversified sectors. Investcorp’s portfolio companies employ over 23,000 employees across KSA.