Kuwait Investment Houses Holding Group sets IPO price range amid IPO activity in Gulf region

5/19/2024 9:03:54 AM

(MENAFN) On Sunday, Kuwaiti Investment Houses Holding Group, known for its human resources and real estate services, announced a price range for its upcoming initial public offering (IPO) set between 480 and 500 Kuwaiti fils per share. The company aims to raise up to 45 million Kuwaiti dinars (USD146.53 million) through this IPO.

The company plans to list 30 percent of its total shares on the Kuwait Stock Exchange, marking the first new listing on the exchange in nearly two years. The final offering price is expected to be revealed next Sunday, with trading slated to commence in June. This move is part of a broader trend in the Gulf region, which has seen a surge in IPOs over the past few years. These efforts are aligned with regional strategies to bolster capital markets, stimulate private sector growth, and attract more investment.

This year, despite a slower IPO market compared to last year, several companies have gone public. Notable listings include Saudi Modern Mills and Spinneys, the franchise owner of the Spinneys retail chain in the UAE. Additionally, companies like Saudi SMASCO have announced plans to go public. In the first quarter of this year, IPOs in the Middle East and North Africa raised USD1.2 billion, a significant 66 percent decline from the previous year, according to data from EY Consulting. This downturn highlights the variability and challenges within the region's IPO market, even as companies continue to seek public listings as a means to fund expansion and enhance market presence.

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