Goldman Sachs Working on Retailer IPO in Support of Kuwait Expansion Plans

Goldman Sachs Working on Potential IPO for Kuwaiti Online Beauty and Fashion Retailer

Goldman Sachs Group Inc. is reportedly working on a potential initial public offering (IPO) for Boutiqaat, a Kuwaiti online beauty and fashion retailer. The deal, which could mark the Wall Street bank's first listing mandate in the Gulf nation, is expected to take place as early as the first quarter of next year.

According to people familiar with the matter, the company is seeking a valuation of more than $1 billion, which would make it one of the largest private-sector listings in Kuwait's history. Boutiqaat was valued at about $500 million in a 2019 funding round, Bloomberg News previously reported.

The discussions remain preliminary, and the timing and size of any deal have yet to be finalized. Representatives for Boutiqaat and Goldman declined to comment.

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If the deal proceeds, it would mark several milestones. Boutiqaat would become the first e-commerce platform to go public on Kuwait's $167 billion stock exchange, while Goldman would secure its first IPO advisory role in the country after opening an office there last year as part of its broader push into the oil-rich market.

Other global financial firms, including Carlyle Group Inc., Franklin Templeton and State Street Corp., have also sought to expand in Kuwait as the OPEC member works to position itself as a regional business hub. The region's IPO market is showing signs of recovery after one of its slowest starts in years, a slump that began before the Iran war.

Kuwait has seen only a handful of share sales in recent years, most of them involving smaller private sector companies. Convenience-store operator Trolley General Trading Co. raised $193 million in an IPO earlier this year, and its shares have gained over 50% since listing in March.

Founded in 2015, Boutiqaat allows Gulf and Arab celebrities to sell products through virtual storefronts on its platform, according to its website. In addition to Kuwait, the company operates in Saudi Arabia, Bahrain, Qatar, the United Arab Emirates and Oman.

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Comparison of Recent IPOs in Kuwait

Note: The current share price is subject to change and may not reflect the actual market price.