Shutterstock/Andrey Popov
DIY and home design retailer
4.8m shares
30% stake
Saudi Arabia’s Marketing Home Group (MHG), a company that oversees nine construction retailers and contractors, has received regulatory approval to sell shares to the public in an initial public offering (IPO).
MHG is selling 4.8 million shares, representing 30 percent of its capital, the kingdom’s Capital Markets Authority (CMA) announced.
No further details were given except that the IPO prospectus would be released “within sufficient time prior to the start of the subscription period”.
MHG’s subsidiaries include Ceramic Home, Lighting Stores, and Hatch Sanitary, which sell construction and home design products. Its subsidiaries operate 44 branches across the GCC and Europe.
The value of Saudi Arabian construction contracts has tripled over the last decade. Property consultancy Knight Frank has forecast the market could be worth $182 billion by 2028.
MHG joins two companies, Ejada Systems and United Carton Industries, which have received CMA approval for IPOs but have yet to share prospectuses. CMA approval is valid for six months.
Four Saudi companies have completed IPOs and listed their shares on the kingdom’s main exchange so far this year: Almoosa, Nice One, Derayah Financial, and Arabian Company for Agricultural and Industrial Investment (Entaj).
