Home GCC Kuwait Kuwait’s Ali Alghanim plans rare family-owned local listing The company will sell a 45 per cent stake in the listing by Bloomberg March 17, 2022 Ali Alghanim & Sons has filed to list on Boursa Kuwait in what will be the first share sale by a family-owned business in seven years, people familiar with matter said. The company will sell a 45 per cent stake in the listing, the first by an auto retailer on the local market, the people said, asking not to be named while discussing confidential matters. The IPO may come as soon as early June and the company will target a high dividend yield, they said. National Investments Co. is the global coordinator for the IPO, the people said. Kuwait’s Al-Qabas had reported Alghanim’s listing plans earlier. The company declined to comment. Alghanim is among Kuwait’s leading merchant families. Its businesses include car dealerships, construction and electronics, and the firm also holds contracts for major government projects. Ali Alghanim & Sons already has a presence in Iraq and is planning further regional expansion. The last family-owned business to list in Kuwait was Mezzan Holding Co., in June 2015. Boursa Kuwait expects more firms to list soon, followed by government-controlled companies, its chief executive officer said last month. The main bourses in the energy-rich Gulf have proved resilient even as Russia’s invasion of Ukraine roils equity markets around the world – in large part because of the jump in oil prices to more than $100 a barrel. Dubai set out plans to sell a 6.5 per cent stake in its main power and water company on Tuesday, while Saudi Arabia’s largest pharmacy retail chain set the final offer price for its listing at the top end of a planned range last week. Riyadh has been the most active IPO market in the Middle East and Africa behind Israel, according to data compiled by Bloomberg. Tags Ali Alghanim Boursa Kuwait Equity Markets listing 0 Comments You might also like ADNOC raises size of its logistics unit IPO on heavy demand Boursa Kuwait reports 13.3% rise in 2022 net profit Middle East KFC operator set for Abu Dhabi, Riyadh dual listing Dubai toll operator Salik raises over $1bn from IPO