This is the biggest Saudi IPO in almost five years — and the first to be sold directly to U.S. investors
This story has been amended to revise the attribution for one of our sources. It has also been amended to reflect that shares of Arabian Centres are due to start trading on Wednesday. An earlier version said the offering had been postponed until Wednesday. We have also revised the story to note that the shares can be sold directly to U.S. institutional investors for the first time under U.S. securities rules, rather than following the introduction of a new rule. We have amended the story to indicate that the founder of Fawaz Alhokair Group and his brothers will retain control of the company after the listing. A previous version said each of the brothers would have an 8% stake. We have removed a paragraph that referred to certain measures related to the company’s corporate governance efforts. We have also amended the story to indicate that part of the proceeds of the IPO will be used to pay down debt, rather than the bulk of the proceeds.