Saudi Alhokair’s mall unit plans IPO launch in Q2

The mall unit of Saudi Arabia’s Fawaz Alhokair Group has applied for a listing on Riyadh’s Saudi Stock Exchange (Tadawul) with the initial public offering planned during the second quarter, sources told Reuters.

Arabian Centres Company, which has applied for an IPO with the Capital Market Authority, is eyeing a listing between April and June, said four sources who declined to be named due to commercial sensitivities.

Arabian Centres Company did not respond to requests for comment. The group is working with U.S. investment banks Morgan Stanley and Moelis, and Saudi investment banks Samba Financial Group, and National Commercial Bank , two sources said.

Morgan Stanley and Moelis declined to comment. Samba Financial Group and National Commercial Bank did not respond to requests for immediate comment.