Saudi shopping centre owner looking to raise up to $836m in float
Saudi Arabia’s largest shopping centre owner is hoping to raise as much as $836m (£647m) in what is set to be the Kingdom’s largest stock exchange listing in five years.
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Arabian Centres, which currently owns and operates 19 malls in Saudi Arabia, is seeking to raise the capital from an initial sale of shares that would value the company at between roughly $3.3bn and $4.2bn.
The move, which marks the largest initial public offering (IPO) in Saudi Arabia since lender National Commercial Bank raised $6bn in 2014, comes as the country ramps up its efforts to shrug off its economic dependence on oil.
Owned by Saudi property billionaire Fawaz Alhokair, Arabian Centres has said that it will use the new funds to repay debts and drive its growth strategy, with plans to add a further eight malls to its portfolio within the next four years.
Earlier this month the group said that the listing was "laying the groundwork for the next chapter of our growth story."
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The IPO, which was approved by Saudi financial regulator, Capital Market Authority, is offering the share sale on the Tadawul, Saudi Arabia’s stock exchange.