National Investments Company (“NIC”) announced the successful completion of the private placement and subsequent listing of Trolley General Trading Company (“Trolley”) on the Premier Market of Boursa Kuwait.

The offering was met with overwhelming demand from both local and international institutional investors, with subscription coverage reaching 15.2x of the initially offered shares and total demand hitting KWD 777 million. Trading of Trolley shares is scheduled to commence on 25 March 2026.

Strategic Execution & Unprecedented Demand

The offering included a secondary sale of a 35% stake in the issuing company, with the offered stake increased from 30% to address unprecedented demand. Acting as the Exclusive Listing and Investment Advisor, Joint Global Coordinator, Joint Bookrunner and Sole Subscription Agent, NIC managed the transaction from inception to execution.

The offering price was determined through a structured bookbuilding process, during which participating qualified investors were invited to submit their demand across three price levels proposed by the selling shareholders, indicating both the number of shares sought and the corresponding price. Following the close of the demand collection period, the Joint Global Coordinators and Bookrunners, in coordination with the Selling Shareholders, assessed aggregate demand and pricing sensitivity to determine the final offering price.

The entire subscription process, including investor registration, submission of demand forms, issuance of provisional allocation notices, submission of subscription forms and issuance of final allocation notices was conducted exclusively through NIC’s digital subscription platform, ensuring efficiency, transparency and a streamlined investor experience.

Despite the offering taking place during the holy month of Ramadan, and amid the prevailing global geopolitical conditions and challenges associated with ongoing tensions, the transaction attracted strong participation from a broad base of investors, spanning both institutional and retail segments, reflecting sustained confidence in the company and the offering structure.

The final offering price was set at 618 fils per share, resulting in a total allocation of KWD 777 million to qualified investors. This success highlights Trolley’s robust business model as a leading convenience retailer across Kuwait and Saudi Arabia.

Leadership Commentary

Mr. Bashar Khan, Managing Director of Alternatives and Investment Banking Division of NIC, commented on the milestone:

"We are proud to have spearheaded one of the most significant IPOs in the local market. This transaction is a testament to the trust our clients place in NIC’s ability to navigate complex regulatory landscapes and engage global capital. Our dedicated team successfully managed every facet of this deal – from structuring and marketing to final allocation – ensuring a seamless transition to the Premier Market."

Mr. Khan further extended his gratitude to the Capital Markets Authority (“CMA”), Boursa Kuwait and the Kuwait Clearing Company (“KCC”) for their professional cooperation, which ensured the efficient execution of the listing.

A Legacy of Market Leadership

This transaction adds to NIC’s storied track record of high-profile listings, following the successful market debuts of Boursa Kuwait Securities Company, Ali Al Ghanim Sons Automotive Company, Beyout Holding Company and Action Energy Company. This latest achievement reaffirms NIC's position as the premier investment house for companies seeking sophisticated capital market solutions in the region.