Saudi Arabian supermarket operator BinDawood may price IPO at top of range

BinDawood will sell 20% of the company through the sale of existing shares

  
A Saudi trader monitors stocks at the Saudi stock market in Riyadh, Saudi Arabia, January 8, 2020.

A Saudi trader monitors stocks at the Saudi stock market in Riyadh, Saudi Arabia, January 8, 2020.

REUTERS/Ahmed Yosri

DUBAI  - Saudi Arabian supermarket operator BinDawood Holding may price its initial public offering (IPO) at the top of its range after a bookrunner note said investors bidding below 96 Saudi riyal ($25.60) may not get an allocation.

The company last week set an indicative price for its IPO between 84 to 96 riyals per share in the offering. 

BinDawood, which owns the Danube and BinDawood supermarket brands, manages over 70 hypermarkets and supermarkets in major Saudi cities including Makkah, Medina, Jeddah, Riyadh, Khobar and Dammam, according to its website.

BinDawood will sell 20% of the company through the sale of existing shares. At the top of the range, the company could raise as much as 2.19 billion riyals ($584 million) in a Riyadh listing.

The company's IPO books were covered as of September 14, throughout the price range, indicating demand for shares exceeded the deal size, according to a document seen by Reuters.

($1 = 3.7507 riyals)

(Reporting by Hadeel Al Sayegh; editing by Jason Neely) ((Hadeel.AlSayegh@thomsonreuters.com; +971566883310;))

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