The Kuwaiti convenience store operator, Trolley, has also rolled out an approximately US$175 million IPO, which will enable it to list ahead of Eid al-Fitr in March.
The all-secondary offer is aiming at a free-float of about 30 percent. One of the sources close to the deal said that demand has been high and the company had the advantage of being a household name in Kuwait.
Trolley has over 200 stores and is looking at expanding its operations to Saudi Arabia by establishing stores at filling stations run by Aldrees and Aramco.
UAE supermarket chain Spinneys is reportedly a significant competitor with Saudi Arabia-based BinDawood, also a prospective one considering the expansion intended by Trolley.
However, the Spinneys trades around 15.5 times on 2026 P/E with a projected dividend yield of 4.6 percent, while on 2026 numbers, BinDawood is around 22.3 times P/E with a 3.4 percent yield. Trolley is estimated to have a dividend yield of 5–6 percent.
In the period of nine months up to September, the firm posted Ebitda of KD11.9 million (US$38.7 million) off revenue of KD68.3 million.
A comprehensive pilot-fishing programme was conducted before launch, including meetings in London and Kuwait. Analyst meetings will continue until the opening of books on February 8.
Meanwhile, the relatively short bookbuild ends on February 12 with pricing on February 15 and final allocations by February 22. The shares are projected to start trading at the beginning of March since the deal can easily be sealed before the Eid al-Fitr holidays later that month.
The first-quarter deal window is quite small, with businesses shunning the holiday season during Eid. Only one other Middle East deal is in the market, the Saudi construction materials business Saleh Abdulaziz Al Rashed & Sons Company, which opens books on Sunday.
Trolley will not have a retail tranche and will be available to institutions and high-net-worth individuals only. EFG Hermes and National Investments Company are joint bookrunners.
The company had been established by Faisal and Mohammed Boodai and the extended Boodai family, well known in the region from businesses such as Jazeera Airways, newspaper, and TV business Al Rai Media Group.
The IPO is preceded by Kuwait’s Action Energy that made a KD55.1 million offer in December, the first in the country since 2024.
