Bahrain-based Investcorp announced on Wednesday the successful listing of its portfolio company BinDawood Holding on the Saudi Stock Exchange.
The shares rose by the 10 percent daily limit to 105.60 riyals compared with the 96 riyals ($25.60) at which they were sold. BinDawood raised SR2.19 billion in the initial public offering that was more than 49 times oversubscribed.
This marks the third investment that Investcorp has exited through a public share sale over the last four years in Saudi Arabia, following the public offerings of L’azurde Company for Jewelry in 2016 and Leejam Sports Company (Fitness Time) in 2018.
BinDawood Holding is one of the leading grocery retail operators of hypermarkets and supermarkets in the kingdom, with a total of 73 stores of which 51 are hypermarkets and 22 are supermarkets, operating under the BinDawood and Danube brands.
Investcorp acquired a minority stake in BinDawood in 2016.
Walid Majdalani, head of private equity MENA and South East Asia: “Since our acquisition of BinDawood Holding, we worked closely with the management team to help them deliver on their strategic growth plans, enhance the company’s value, optimise their operational leverage and implement a best-in-class framework to scale their operations.”
Walid Majdalani, head of private equity MENA and South East Asia
Ahmad Abdulrazzaq BinDawood, CEO, BinDawood Holding, added: “Investcorp representatives shall remain on our board following the listing, which will provide the company with the advantage of continuing stability and stewardship as we accelerate our growth strategy to become the leading supermarket operator in the Kingdom of Saudi Arabia.”
To date, Investcorp has made seven investments in Saudi Arabia, including prominent local champions such as BinDawood, L’azurde, Theeb Rent A Car, and Al Borg Medical Laboratories.
Its portfolio companies employ over 23,000 employees across the kingdom.
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