Mohammed Alzain, Chief Executive of the Jeddah-based firm
Saudi Arabian coffee chain Barn’s has started work on an initial public offering (IPO) in Riyadh as it seeks to expand its footprint in the Middle East, according to Mohammed Alzain, Chief Executive of the Jeddah-based firm.
Barn’s is working with the Saudi Capital Market Authority (CMA) on steps for IPO approval and looking to hire banks to advise on a planned offering.
A deal could raise at least several hundred million dollars, with proceeds going toward expansion plans, Alzain said.
Barn’s aims to grow its stores to 1,000 by 2030, from around 850 now, with new locations in the United Arab Emirates, Oman, Kuwait and Morocco.
Founded in 1992, it currently has stores in Saudi Arabia, Bahrain and Egypt.
Mohammed Alzain, Chief Executive of the Jeddah-based firm
Saudi Arabian coffee chain Barn’s has started work on an initial public offering (IPO) in Riyadh as it seeks to expand its footprint in the Middle East, according to Mohammed Alzain, Chief Executive of the Jeddah-based firm.
Barn’s is working with the Saudi Capital Market Authority (CMA) on steps for IPO approval and looking to hire banks to advise on a planned offering.
A deal could raise at least several hundred million dollars, with proceeds going toward expansion plans, Alzain said.
Barn’s aims to grow its stores to 1,000 by 2030, from around 850 now, with new locations in the United Arab Emirates, Oman, Kuwait and Morocco.
Founded in 1992, it currently has stores in Saudi Arabia, Bahrain and Egypt.
