Saudi mall developer aims to raise US$658m from IPO

Arabian Centres, a leading owner, operator and developer of contemporary lifestyle centres in Saudi Arabia, plans to raise nearly SR2.47bn (US$658m) through an initial public offering that will see the company sell 95 million shares at SR26 to SR33 per share reports TradeArabia.

Owned by Fawaz Alhokair Group, the Saudi firm said the IPO will lead to a market capitalisation of between SR12.4bn and SR15.7 bn.

A major player in the retail sector, Arabian Centres aims to expand its operations to 27 malls within the next four years, including four in the next 12 months.

Four cinemas are already under construction, with 12 more to come over the next two years, said the statement.