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Kuwait’s Trolley IPO shares will start trading from today on Boursa Kuwait’s Premier Market in an all-secondary offering.
Earlier this month, Kuwait’s Capital Markets Authority gave an extension to the supermarket operator to extending the listing commitment to March 26 due to the geopolitical tensions in the region.
Trolley is offering 35% of its issued share capital, or 96.3 million shares, in a deal that was upsized from a 30% free float based on strong demand.
The IPO reached a final deal size of 59.5 million Kuwaiti dinars ($194 million), with subscription coverage surpassing 15 times of the initially offered shares, at a total demand of KD 777 million.
Shares were priced at the top of a KD0.60-KD0.618 range, valuing the company at nearly KD 170 million.
The supermarket chain was founded in 2010 by Faisal and Mohammed Boodai.
National Investments Company and EFG Hermes UAE Limited were joint global coordinators and joint bookrunners for the offering, with National Investments Company also appointed as subscription agent and listing advisor.
(Writing by Bindu Rai, editing by Seban Scaria)
