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Mezzan Holding to sell 30 pct of shares in first Kuwait IPO since 2009
October 20, 2014 / 10:37 AM / 3 years ago

Mezzan Holding to sell 30 pct of shares in first Kuwait IPO since 2009

DUBAI, Oct 20 (Reuters) - Mezzan Holding, a Kuwaiti producer and distributor of food and fast-moving consumer goods, said on Monday it would float 30 percent of its stock in an initial public offer, the country’s first since the 2009 financial crisis.

The company, whose revenue totalled 141 million dinars ($489 million) last year, said its existing shareholders would offer 88.95 million shares for sale. It did not say how much money they sought to raise.

Mezzan has hired NBK Capital as lead manager and listing advisor, and will proceed with the offer once Kuwait’s Capital Markets Authority approves its listing application, it said in a statement.

Kuwaiti companies have stayed away from the IPO market since the financial crisis, which caused the main stock index to tumble 56 percent from peak to trough.

However in August, the CMA approved the delayed listing of Viva Kuwait, the country’s number-two mobile operator by subscribers, which had conducted its IPO in September 2008. (1 US dollar = 0.2885 Kuwaiti dinar) (Reporting by Olzhas Auyezov; Editing by Andrew Torchia)

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