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Saudi food and household retail conglomerate BinDawood Holding was the subject of a rare regional ABB on Wednesday with the sale of a 5.6% stake by Commercial Growth Development Company.
The clean-up sale involved just over 64m shares at SR6.52 each, a 9.1% discount to Wednesday’s SR7.17 close for a SR417.3m (US$111.3m) deal.
Secondary offers have been relatively infrequent in the region, though they have started to feature more prominently this year with offers in Saudi Aramco and Adnoc Drilling, which provided notable opportunities for international accounts to enter the register following heavy scaling back or outright exclusion at IPO.
Part of this trend in allocations has been a necessity, with the larger proportion of family offices, sovereign wealth funds and high-net-worth individuals meaning the local market is less able to operate at the speed required for an accelerated bookbuild.
The sale in BinDawood was offered internationally including in the US under Rule 144A.
Goldman Sachs and SNB Capital were joint bookrunners.
Source: IFR