Kuwaiti convenience store operator Trolley has launched its around US$175m IPO that will allow it to list ahead of Eid al-Fitr in March.

The all-secondary offer is targeting a free-float of around 30%.

A source close to the deal said demand has been strong with the company benefiting from being a household name in Kuwait.

Trolley operates more than 200 stores and is targeting expansion into Saudi Arabia by opening stores at filling stations operated by Aldrees and Aramco.

UAE supermarket chain Spinneys is said to be the main peer with Saudi Arabia’s BinDawood also considered given Trolley’s planned expansion.

Spinneys trades around 15.5 times on 2026 P/E with a forecast dividend yield of 4.6% while on 2026 numbers BinDawood is around 22.3 times P/E with a 3.4% yield.

Trolley is expected to price for a dividend yield of 5%–6%.

For the nine months to September, the company reported Ebitda of KD11.9m (US$38.7m) off revenue of KD68.3m.

An extensive programme of pilot-fishing took place ahead of launch with meetings in London and Kuwait. Analyst meetings will continue to the opening of books on February 8.

The relatively short bookbuild closes on February 12 with pricing on February 15 and final allocations by February 22. Shares are expected to begin trading by early March allowing the deal to wrap up comfortably before Eid al-Fitr holidays later that month.

The first-quarter deal window is relatively narrow with companies avoiding the holiday period around Eid. Just one other Middle East deal is in the market, Saudi construction materials business Saleh Abdulaziz Al Rashed & Sons Company, which opened books on Sunday.

Trolley does not feature a retail tranche and will be open only to institutions and high-net-worth individuals. 

EFG Hermes and National Investments Company are joint bookrunners.

The company was founded by Faisal and Mohammed Boodai with the wider Boodai family well known in the region from businesses such as Jazeera Airways and newspaper and TV business Al Rai Media Group.

The IPO follows Kuwait's Action Energy, which completed a KD55.1m offer in December, the first in the country since 2024.

Source: IFR