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Screens within the Saudi stock exchange showing trading data. Image used for illustrative purpose.
Riyadh-based Sport Clubs Company has received approval from the Capital Market Authority (CMA) to float 30% of its share capital on the main Saudi stock exchange.
The approval to sell 34.3 million shares is valid for six months and will be deemed cancelled if the offering and listing of the company's shares are not completed within this period.
Sports Clubs, set up in 1994, operates 56 branches across 18 cities in the kingdom. Its portfolio includes 41 men’s clubs under the Body Masters brand, which was launched decades ago, and 15 women’s clubs under the Body Motions brand, which was launched four years ago.
Riyadh’s main exchange has already seen four IPOs completed this year: Almoosa, Nice One, Derayah Financial, and Arabian Company for Agricultural and Industrial Investment (Entaj).
A 2025 outlook by Saudi brokerage Al Rajhi Capital estimates the kingdom could witness between 50 to 60 IPOs over the next two years, with seven already approved or closed, while 97 IPOs remain under review.
(Writing by Brinda Darasha; editing by Seban Scaria)
