BinDawood IPO said to get covered at top of range in single day

[RIYADH] BinDawood Holding, one of Saudi Arabia's largest grocery chains, secured enough bids to fully cover its share sale on the first day of book-building, according to people familiar with the matter.

Bids from institutional investors for the initial public offering were at the top end of the US$22- US$26 pricing range, the people said, asking not to be identified as the information is private. The institutional part of the sale opened Sunday and will continue until Sept 22, followed by a Sept 27-29 retail offering.

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 per cent from the year-ago period.

BLOOMBERG