Saudi Bindawood Prices IPO at Top End, With $29 Billion in Bids
(Bloomberg) -- Saudi Arabia's BinDawood Holding Co. is set to sell shares at the top of the price range for its initial public offering following a short delay to allow investors to amend their orders in light of previously undisclosed third-party loans.
The offer was priced at 96 riyals ($25.59) a share, the company said on Wednesday. BinDawood is set to raise about 2.19 billion riyals from the listing and will be valued at just under 11 billion riyals.
The listing was about 49 times oversubscribed, generating orders worth 106.9 billion riyals. This indicates investors were unfazed by the delay and the disclosure of 284 million riyals of related-party transactions midway through the bookbuilding.
Read More: Saudi Grocer Bindawood Discloses $75 Million Related-Party Loans
BinDawood had said it lent the money to Amwaj Real Estate Co. and AQimma Hotels Co. between July and September and the loans have since been repaid. The period for buyers to make changes to or withdraw their IPO orders ended on Monday.
A planned offering to retail investors will take place from Oct. 8 to Oct. 12.
The IPO comes amid a boom in online retail spending and as Saudi Arabia sees more companies listing on the local exchange. BinDawood, which operates the BinDawood and Danube brands, said first-half profit rose 82% from the year-ago period.
©2020 Bloomberg L.P.
-
'Never Seen This Level Of Negativity': Sandeep Tandon Says The Next Rally May Be Closer Than You Think
Veteran investor Sandeep Tandon says foreign selling is easing, large-caps are due a comeback and mid-caps are crowded, while he turns positive on gold, power and pharma this Diwali.
-
Indians Stay With Family, Not In Hotels | The Reason Why
India still lacks enough clean, reliable and affordable hotels for budget-conscious travellers.
-
The Economic Imperative: Analysing The Material Driving Force Behind India-Canada Strategic Reset
This economic complementarity is further reinforced by deep institutional investment ties and talent mobility, which form the bedrock of the bilateral framework.
-
Medicine Pricing: Where Must Profit Stop?
India must confront excessive margins, hidden incentives and regulatory gaps that threaten the integrity of medicine.
-
Why Amazon And Flipkart Are Struggling To Beat Meesho In India's Smaller Cities
With 274 million users and lowest-cost logistics, Meesho is defending its value commerce crown against giants like Amazon and Flipkart.
-
High US Salaries, No Green Card Certainty: The Financial Calculation Facing Indian H-1B Families
The suspension of PERM processing at eight technology employers does not cancel existing H-1B visas. What it does is force a question many Indian families have been avoiding: is the US salary worth tying your career and family plans to one employer?
-
Swiggy vs Eternal: Food Delivery's Two Rivals Are No Longer In The Same Race
Eternal is building a private AI assistant, dark.ai. Swiggy is still working out how to make Instamart pay, with an operating loss of Rs 895 crore in the July-September quarter while Blinkit stayed profitable.
-
Where You Live Shapes How You Get To Work | The Reason Why
Two-wheelers are the most popular way to get to work in India, accounting for nearly 43% of workplace commutes.
-
Unhedged Position: Can India See An Indonesia-Style Time Correction?
The Nifty is trading below levels it first clocked in 2024. Is there, then, as I have suggested in the headline, potential that the current time correction drags on painfully for the next three-five, even ten years?
-
Navigating Friction And Energy Realities: An Analysis Of Marco Rubio's October Visit To India
Occurring at a critical juncture marked by stalled trade negotiations and escalating geopolitical pressures over global energy supplies, the visit offers a profound window into modern US-India relations.
