- Perfume retailer Arabian Oud has enlisted banks for a planned initial public offering (IPO) in Saudi Arabia. The company has chosen Emirates NBD Capital and SNB Capital for the potential share sale. Details regarding the timing and valuation are still under discussion and subject to change, according to the sources, who requested anonymity as the information is not yet public.
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Founded by Sheikh Abdul Aziz Al-Jasir in 1982, Arabian Oud boasts 1,200 stores across 37 countries and claims to be the world’s largest supplier of oriental fragrances. Oud perfume, a traditional Middle Eastern fragrance derived from the resin of the aquilaria tree, is one of the rarest natural resources in the world due to its limited production. Arabian Oud's move to go public comes amid a booming IPO market in Saudi Arabia. Four recent IPOs in the kingdom attracted a combined $176 billion in institutional investor orders, with newly listed companies performing exceptionally well.
Why it matters
Saudi Arabia also recently launched a $12 billion secondary share sale in oil giant Aramco, which sold out shortly after opening, marking one of the world’s largest deals in recent years.
