Bahrain-based alternative investment firm, Investcorp, has listed one of its portfolio companies, supermarket group, BinDawood Holding, on the Saudi stock exchange.
The listing involves 20% of BinDawood’s shares and is expected to raise around US$585 million from buyers, including private and public funds, government institutions and individual investors.
It marks the third investment that Investcorp has exited through a public share sale in the last four years. The other two listings involved L’azurde Company for Jewellery in 2016 and Leejam Sports Company in 2018.
Investcorp representatives will remain on the BinDawood board following the listing, according to the supermarket chain’s chief executive, Ahmad Abdulrazzaq BinDawood.
The Abu Dhabi fund has made seven investments to date in Saudi Arabia including Theeb Rent A Car and Al Borg Medical Laboratories.
“Saudi Arabia is a key market for Investcorp and we believe that the Kingdom’s Vision 2030 will unlock significant additional opportunities for our firm and our clients,” said Investcorp CEO Yasser Bajsair. “We remain committed to identifying and supporting the next generation of leading Saudi enterprises.”
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