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Saudi Arabian perfumer retailer Arabian Oud has hired banks for a planned initial public offering (IPO), according to a Bloomberg report.
The company has picked Emirates NBD Capital and SNB Capital for the potential share sale, Bloomberg reported, citing people familiar with the matter who wished not to be identified.
The timing and the valuation of the IPO are still under discussion, the same report added.
Founded in 1982, with more than 1200 branches, the company describes itself as the largest fragrance manufacturer and retailer that specialises in incense, oriental perfumes, and oil perfumes.
Saudi has been the frontrunner driving the IPO momentum in the MENA region with nine listings during Q1 2024, three of which were listed on the main market, with the remaining six taking place on the Nomu Parallel Market. The funds have been sourced from a variety of sectors, such as healthcare, food and beverage, and media and entertainment.
During his participation in the Saudi Capital Market Forum (SCMF) in February, the chairman of the kingdom’s Capital Market Authority’s (CMA), Mohammed A. El-Kuwaiz, revealed a total of 56 companies were preparing to be listed on the Tadawul All Share Index (TASI) and Nomu this year.
(Writing by Bindu Rai, editing by Brinda Darasha)
