The Clap
Extra (4003) is looking to offer its unit “Tasheel Finance” for public subscription, according to Reuters.
What
The Saudi retailer has appointed HSBC to manage the IPO.
It is worth noting that Tasheel Finance operates in the field of personal financing, in compliance with the provisions of Islamic Sharia, installment sales, and credit cards.
So What
HSBC was the financial advisor and lead manager for the IPO of Extra in 2011, which succeeded in raising SAR 396 million ($105.60 million) from listing a 30% stake.
Now What
The Gulf region has seen a series of IPOs this year, with companies raising around $3.5 billion in IPOs in Q1 2023, despite the decrease in the volume of offerings globally.
