June 14, 2020 / 1:07 PM / 25 days ago

Saudi Arabia's Bindawood Holding to launch IPO as early as this month-sources

DUBAI, June 14 (Reuters) - Saudi Arabia’s Bindawood Holding plans to launch an initial public offering as early as this month, two sources with knowledge of the matter told Reuters on Sunday.

Bindawood, which controls supermarket chains Bindawood and Danube in the kingdom, last year hired Goldman Sachs, JP Morgan Chase, NCB Capital and GIB to organise the deal, the sources said, with Moelis & Co acting as a financial adviser.

Bindawood declined to comment on Sunday.

The IPO would be filed as a regulation S offering, making it open to institutional investors outside the United States, the sources said.

Bindawood and Danube, like other grocers around the world have benefited from a spike in demand during the lockdown to stem the coronavirus pandemic.

Danube online, one of Saudi Arabia’s biggest supermarket chains, told Reuters in April that average daily sales in the 10 days to March 26 were up over 200% and average order value was up 50%.

Bindawood’s IPO would follow another public share sale by mortgage lender Amlak International for Real Estate Finance, which announced its intention to go public on Sunday.

Private equity firm Investcorp acquired a minority stake in Bindawood Group in 2016. Should the IPO go ahead, it could become the third Saudi investment that Investcorp has exited through a public share sale in the last five years.

It took L’Azurde Company for Jewelry public in 2016 and gym fitness chain Leejam Sports in 2018.

Investcorp declined to comment. (Reporting by Hadeel Al Sayegh;Editing by Elaine Hardcastle)

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