BinDawood manages more than 70 hypermarkets and supermarkets across Saudi Arabia DUBAI: Saudi Arabian supermarket retailer BinDawood Holding has priced its initial public offering at SR96 ($25.59) a share. The retailer, which owns the Danube and BinDawood supermarket brands, said the book-building process generated an order book of SR106.9 billion. Subscriptions came from public and private funds and discretionary portfolios, non-Saudi investors and other investors, which include government institutions, private companies and financial institutions, it said. “I am very pleased with the exceptionally strong demand we have witnessed for BinDawood Holding shares by institutional investors,” said CEO Ahmad Abdulrazzaq BinDawood. At 96 riyals per share, BinDawood’s market capitalization at listing is seen at SR10.97 billion, the statement said. Retail investors will be able to subscribe to shares on Oct.8-12 at the final offer price, with the allotment due on Oct. 15. BinDawood’s IPO marks another major listing for Saudi Arabia’s bourse, as companies tap into demand for shares since oil giant Aramco’s record IPO last year. Saudi Arabia is encouraging more family-owned companies to list in a bid to deepen its capital markets under reforms to reduce its reliance on oil revenues. BinDawood manages more than 70 hypermarkets and supermarkets in major cities including Makkah, Madinah, Jeddah, Riyadh, and Dammam. The BinDawood chain is focused on middle-income customers and pilgrims, while the Danube chain is focused on wealthier customers.