Sport Clubs Company has received approval to offer 30% of its shares on the Saudi stock exchange. The Capital Market Regulator approved the sale of 34.3 million shares, which must occur within six months. Established in 1994, the company operates 56 branches and includes a diverse fitness portfolio. The recent IPO activity suggests increased interest in Saudi capital markets.
Sport Clubs Company, based in Riyadh, has been granted authorization to initiate an initial public offering (IPO) for 30 percent of its share capital on the Saudi stock exchange. Specifically, the company plans to sell 34.3 million shares. This approval from the Capital Market Regulator is valid for a duration of six months, and will be voided if the IPO does not take place within this specified timeframe.
Founded in 1994, Sport Clubs operates 56 branches across 18 cities in Saudi Arabia. Its offerings include 41 men’s clubs marketed under the “Body Masters” brand and 15 women’s clubs under the “Body Motions” brand, as indicated on their official website.
The company has also diversified its operations by entering the fitness equipment distribution sector in 2020, establishing the Body Experts division. This move aligns with Saudi Arabia’s wellness drive and the burgeoning fitness market, especially for women.
Thus far in 2023, four Saudi companies have already completed successful IPOs, including Almoosa, Nice One, Derayah Financial, and Entaj, which showcases a growing enthusiasm for capital markets in the region.
The recent approval for Sport Clubs Company to float 30 percent of its shares on the Saudi stock exchange marks a significant development in the fitness sector and the broader financial landscape of Saudi Arabia. This initiative underscores the company’s growth strategy and commitment to expanding its presence in the wellness market, particularly as it builds on the momentum from recent IPO activities in the region.
Original Source: www.agbi.com
