Saudi Arabian supermarket retailer BinDawood Holding set an indicative price for its initial public offering, seeking to raise as much as 2.19 billion riyals ($585 million) in a Riyadh listing.
The company plans to offer 22.86 million existing shares at an indicative pricing of between 84 riyals to 96 riyals per share in the planned IPO, according to a regulatory filing on Sunday. It will sell 20% of the company through the sale of existing shares.
It targets a valuation of between 9.6 billion riyals and 11 billion riyals, according to Reuters.
BinDawood's IPO marks another major listing for Saudi Arabia's bourse, as companies tap into Saudi demand for shares since oil giant Aramco's 2222.SE record IPO last year.
The bookbuilding period for institutional investors will take place between Sept. 13-22, the filing said. The subscription period for retail investors will take place between Sept. 27-29. Allocations of the shares will take place on Oct. 1.
BinDawood, which owns the Danube and BinDawood supermarket brands, manages over 70 hypermarkets and supermarkets in major Saudi cities including Makkah, Medinah, Jeddah, Riyadh, Khobar and Dammam.