HSBC Saudi Arabia to lead SACO’s IPO

Saudi Company for Tools and Hardware (SACO), described as a pioneer in the hardware retail and wholesale business, and the largest total-solution home improvement superstores in Saudi Arabia, has appointed HSBC Saudi Arabia as financial adviser, lead manager and underwriter for its planned initial public offering (IPO).
Established in 1985, SACO currently operates 21 retail outlets, including 3 SACO World superstores, in 12 Saudi cities with over 45,000 different products on display in stores ranging from 2,500 to 24,000 sqm. and has over 1,900 employees.
Khaled Al-Hamidi, chairman of SACO, stated: “We are proud to announce our shareholders’ decision to file for listing SACO on the Saudi stock exchange (Tadawul); 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, 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 years and has developed a significant and growing market share in the Saudi retail sector.”
Walid Khoury, CEO of HSBC Saudi Arabia Ltd., stated: "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."