Saudi coffee chain Barn's to hire banks for IPO on Tadawul
Saudi Arabia-based coffee chain Barn's is working on a potential initial public offering (IPO) and looking for banks to advise on the plan, according to Bloomberg News.
The Jeddah-based company, founded by Al Amjaad Group, is coordinating with the Saudi Capital Market Authority (CMA) to secure approval for the IPO on the Saudi Stock Exchange, CEO Mohammed Alzain told the news agency.
The proceeds will be used to support the company's expansion plans.
The coffee chain looks to grow its footprint from the current 850 to 1,000 outlets by 2030, with new locations planned in the UAE, Kuwait, Oman and Morocco.
(Writing by Cleofe Maceda; editing by Seban Scaria) seban.scaria@lseg.com
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