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Saudi’s Fawaz Alhokair Group seeks $836 million from mall unit share offering

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Fawaz Alhokair is offering the shares under Regulation S and Rule 144A of the US Securities Act.

Sunday 28, April 2019

(Bloomberg) --Saudi Arabia's Fawaz Alhokair Group is seeking to raise as much as SAR 3.1 billion ($836 million) from selling shares in its malls unit, Arabian Centres Company, making it the country’s largest initial public offering (IPO) since 2014.

Arabian Centres Company, which owns the franchise for brands like Banana Republic and Zara, set the price range of the IPO at SAR 26 to SAR 33, valuing the company at as much as SAR 15.7 billion.

Saudi share sales slowed as the Kingdom’s economy grappled with lower oil prices. Listings by companies and real-estate investment trusts raised almost $900 million last year, down from $6.7 billion in 2014.

Samba Capital, Morgan Stanley as well as NCB Capital, Goldman Sachs Group and Citigroup managing the offering

Additionally, Credit Suisse Group, EFG-Hermes Holding as well as Emirates NBD Capital and Natixis are also part of the consortium of banks managing the offering.

 

TAGS : Fawaz Alhokair Group, Arabian Centres Company, IPO, Samba Capital, Morgan Stanley, NCB Capital, Goldman Sachs Group, Citigroup, Credit Suisse Group, EFG-Hermes Holding

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