Al Hokair secures official nod for IPO

May 8, 2014 1:04 pm

Saudi-based Abdul Mohsen Al Hokair Group for Tourism and Development has received the market regulator’s approval to sell 30% in a share sale this month, Reuters has reported. The family-owned hotel and leisure group’s IPO will be divided into two sections and conducted as a book-build offering, meaning the price of the shares will be dictated by demand from investors instead of fixed at the start of the process. Abdul Mohsen Al Hokair, whose hotel operations include Hilton and Holiday Inn hotels in the Middle East, appointed Saudi Fransi Capital, the investment banking arm of Banque Saudi Fransi to arrange the IPO, sources said.