The IPO of Kuwaiti supermarket operator Trolley reached a final deal size of KD59.5m (US$194m) after upsizing following strong demand.

The all-secondary offer had initially comprised 82.5m shares for a 30% free-float however this was increased to nearly 96.3m shares, representing 35% of the company. Books had been covered shortly after opening on February 9 with strong visibility on demand ahead of launch. 

Shares priced at the top of a KD0.60–KD0.618 range, valuing the company at nearly KD170m and coming in line with peer Spinneys at around 15.5 times 2026 P/E.

A short bookbuild closed on February 12, with demand leaving the deal 15 times subscribed even after the upsize with a book of around 3,000 lines.

International demand alone left the deal multiple times subscribed, though heavy scale backs saw international money allocated around 25%. This included regional accounts with notable demand reported from other smaller Middle Eastern markets such as Oman, Bahrain and Kuwait.

A number of accounts were zeroed, with allocations skewed towards those who had followed the company during an extensive early look process.

One undisclosed anchor took around 20% of the deal.

There was no retail offer; however; strong demand was received from high-net-worth individuals.

Shares are expected to begin trading on March 2, with allocations still subject to regulatory approval.

EFG Hermes and National Investments Company ran the deal.

Source: IFR