IPO WATCH- Alhokair malls unit IPO is back on Fawaz Alhokair Group is gearing up for a USD 1 bn IPO of its mall unit, Arabian Centres Co., Bloomberg reports. The Saudi retail giant is planning to sell about 65 mn existing shares and 30 mn new shares on the Tadawul, starting April 28. The IPO, which was put on hold back in 2017, would be the biggest IPO in Saudi Arabia in five years, CEO Olivier Nougarou was quoted as saying. The company will use the proceeds to reduce debt. Reuters also has the story. Our friends at EFG Hermes are doing joint book runner duties on the transaction, which is being led by Morgan Stanley, Samba Capital, NCB Capital and Goldman Sachs. It’s the latest in a string of wins for EFG’s investment banking unit including serving as joint bookrunner on Finabler’s LSE IPO and advising on LSE-listed NMC Health’s joint venture with Saudi Arabia’s Hassana Investment Company.

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