Saudi-based Abdul Mohsen Al-Hokair Tourism and Development Group has received regulatory approval to launch its initial public offering (IPO).
The company, which is seeking a listing on the Saudi Stock Exchange (Tadawul) is looking to sell 30 per cent of its share capital. Investors will be able to subscribe to the offering in two phases: it will initially be open to funds and authorised persons, followed by a period for retail investors, which opens on 28 May and ends on 3 June.
Al-Hokair operates global hotel chains, including Hilton Hotels and Intercontinental Hotels Group, as well as more than 48 entertainment centres in the kingdom.
In total, six companies are expected to float shares by the end of 2014, including several $300m deals, according to a banker.
Other companies expected to launch public share offerings this year include National Commercial Bank, Acwa Power and Dr Suleiman al-Habib Group, financial industry sources in the kingdom say. Umm Al-Qura Cement is expected to list soon after closing its IPO on 5 May.
A total of 10 companies have joined the Tadawul over the past two years.