Home GCC Saudi Arabia Saudi Arabia’s Al Othaim family said to plan IPO for malls unit The sale may happen in the first half of 2021 by Bloomberg July 22, 2020 Saudi Arabia’s Al Othaim family plans to sell shares in its malls business in a deal that could value the company at between $1.5bn and $2bn, according to people familiar with the matter. Othaim Investment Co., which operates malls and entertainment centers in the kingdom, appointed GIB Capital to advise on the local initial public offering, the people said, asking not to be identified as the information is private. The sale may happen in the first half of 2021, the people said. Final decisions haven’t been made and the company may decide not to proceed, the people said. Representatives for Al Othaim Holding and GIB didn’t immediately respond to requests for comment. While the total value of the family’s assets isn’t clear, Al Othaim Holding’s stake in Abdullah Al Othaim Markets is worth about $766m, according to data compiled by Bloomberg. The retail and grocery business is listed on the Saudi bourse with a market capitalisation of about $2.8bn. Saudi Arabian companies are taking the lead in new offerings at a time when IPOs across the region have been scarce. As many as 10 companies are planning share sales on the Saudi stock exchange, its chief executive said earlier this month. Grocery chain BinDawood Holding received regulatory approval to proceed with a sale of 20 per cent of its capital. Read: Saudi grocer prepares first Mideast IPO since virus The March IPO of hospital operator Dr. Sulaiman Al Habib Medical Group was 83 times oversubscribed. Also read: Saudi stock market sees IPO activity returning after virus slump Tags BinDawood Covid-19 grocery unit IPO malls Saudi Arabia 0 Comments You might also like Saudi Arabia’s Mawani signs four contracts worth SAR1bn GCC region M&A blazes trail as global deals decline Top marks for GCC nations in digital connectivity index Saudi Arabia studies graphite, rare earths trading platform