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Kuwaiti conglomerate Alghanim Industries Ltd. is seeking to raise about $1 billion from a potential IPO, Bloomberg reported on Tuesday citing sources.
Alghanim, which is reported to be working with Credit Suisse Group AG on the possible listing, is in talks with other regional and international banks about roles on any IPO, the report added.
The family-run Alghanim operates in over 30 businesses across sectors including automobiles, retail, construction materials and financial services, according to its website. It owns dealership rights to car brands such as Cadillac, Honda and Lincoln and is also the franchise operator of Costa Coffee in Kuwait and Wendy’s Co. in the Middle East.
Kuwait's GCC neighbours Saudi Arabia and UAE have seen a slew of IPOs in the past year, from companies that included family-owned firms and government-related entities, rushing to benefit from the windfall oil gains due to the Russia-Ukraine conflict that made the region's investors flush with cash.
(Writing by Brinda Darasha; editing by Seban Scaria)
