HSBC Saudi Arabia has been appointed as financial adviser, lead manager and underwriter for Saudi Company for Tools and Hardware's (SACO) planned Initial Public Offering (IPO).
SACO is a pioneer in the hardware retail and wholesale business and the largest total-solution home improvement superstores in the KSA. Established in 1985, SACO currently operates 21 retail outlets with more than 1,900 employees, including three SACO World superstores in 12 cities across the Kingdom and more than 45,000 different products on display in stores ranging from 2,500 to 24,000 sqm.
Khaled Al-Hamidi, the Chairman of SACO, said, "We are proud to announce our shareholders' decision to file for listing SACO on the Tadawul Stock Exchange; this is a strategic milestone in our continued development journey. We are aiming for an efficient and successful process in accordance with applicable regulations, and are excited to offer Saudi investors and citizens the opportunity to participate in and be part of the SACO success story."
Sameer Al-Hamidi, the CEO of SACO, said, "SACO is among the most innovative companies in its field throughout the Kingdom, offering its customers a unique one-stop-shop experience with the widest products range at competitive prices. As the exclusive dealer and partner in Saudi Arabia for numerous global brands, SACO offers quality merchandise to its customers from all over the world. SACO has achieved outstanding growth over the last years and has developed a significant and growing market share in the Saudi retail sector.
"This IPO will be a major step forward in our expansion strategy, and we are confident that HSBC Saudi Arabia, with its track-record and reputation as a leading investment company in the Kingdom and internationally, will deliver a successful and seamless IPO process for SACO."
Walid Khoury, CEO of HSBC Saudi Arabia, said, "We are delighted to be selected to lead the IPO of SACO, which we believe will be an excellent addition to the Saudi financial markets. This is another testament to our unparalleled track-record in Saudi Arabia, with 20 completed IPOs and equity issues since 2003, based on our unique combination of a strong Saudi-based team supported by the global HSBC platform providing world-class sector expertise."