Saudi Arabia's BinDawood sets IPO price range, aims to raise up to 2.2b riyals

Dubai

SAUDI Arabian supermarket retailer BinDawood Holding set an indicative price for its initial public offering (IPO), seeking to raise as much as 2.19 billion riyals (S$799 million) in a Riyadh listing.

The company plans to offer 22.86 million existing shares at an indicative pricing of between 84 riyals and 96 riyals per share in the planned IPO, a regulatory filing on Sunday showed. It will sell 20 per cent of the company through the sale of existing shares.