BinDawood Holding Company to list on the Saudi Stock Exchange
BinDawood Holding Company, the third largest grocery retail operator of hypermarkets and supermarkets in Saudi Arabia, has announced its intention to proceed with an initial public offering and listing of its shares on the Main Market of the Saudi Stock Exchange of Saudi Arabia (Tadawul).
The company currently has a total of 73 stores of which 51 are hypermarkets and 22 are supermarkets, each strategically located across KSA. It operates two complementary brands–BinDawood (mass mid-market brand, geared towards value offerings with competitive pricing strategies) and Danube (premium value grocery brand catering to the higher end of the customer spectrum), each offering unique market propositions.
“Given the positive direction of the Saudi grocery retail sector, we believe our IPO will give new investors a solid platform for future capital growth,” affirmed Ahmad Abdulrazzaq BinDawood, CEO, BinDawood Holding.
Pioneer of grocery e-commerce in KSA
The Company was the first retail grocery operator in the KSA to offer online sales through Danube Online and the Danube App, a mobile phone application and online platform launched in 2017. The Company followed by launching the BinDawood App in 2019.
With a total estimated GDP of SAR 3.0 trillion (US$ 800bn), Saudi Arabia is the largest economy in the MENA region and has a population that is 1.5 times larger than the rest of the GCC countries’ combined population.
