Saudi Arabia based Supermarket chain, BinDawood Holding is preparing to make an initial public offering (IPO) of its supermarket division by the end of July which would be the first Middle Eastern share sale since the COVID-19 pandemic.
The organization regards to take advantage of the rise in demand for its online delivery market due to the COVID-19 induced shutdown. Its stake will be listed on the Saudi Stock Exchange, Tadawul.
Reports earlier in February suggested that BinDawood was expecting to go public by the end of the first quarter or the beginning of the second quarter of 2020. The agreement had not been concluded and the terms and timing could still change.
The group’s retail income surpassed $1 billion in 2019 galvanizing its plans to open 90 more stores by the end of 2020.
Reports suggested that BinDawood is working with Goldman Sachs Group Inc., J.P. Morgan Chase & Co., GIB Capital and NCB Capital on the IPO. Wherein Moelis & Co. is offering its services as the company’s financial adviser.
In February, Reflexis Systems, a Massachusetts based workforce management firm declared a partnership with BinDawood. Under the terms of the arrangement, BinDawood will implement three Reflexis systems across its stores, striving to enhance efficiency by improving management control and raising visibility around tasks and reporting.
“We are excited to be working with such a well-respected retailer with more than 35 years in the industry,” stated OP Choudhary, Reflexis’ Managing Director, at the time. “BinDawood Holding is a leading private retail brand in Saudi Arabia with clear strategic growth initiatives that we are excited to support with our intelligent store operations solutions.”