Saudi Arabian perfumer Al Majed For Oud is set to offer a 30% stake in an upcoming IPO on the local stock exchange, with 7.5 million shares offered. The final pricing will be determined through a bookbuilding process scheduled between August 25-29, 2024. Founded in 1956, Al Majed For Oud has grown into a major player in the fragrance industry, operating 237 stores in Saudi Arabia and 49 across the Gulf Cooperation Council (GCC). Last year, the company reported revenues of 767 million riyals ($204.4 million) and a profit margin of 66.6%. Notably, proceeds from the IPO will go to selling shareholders rather than being reinvested in the business.

This move reflects the broader trend of Gulf companies capitalizing on IPO momentum as Saudi Arabia and the UAE push to deepen their capital markets and attract global investments. In the Middle East and North Africa (MENA) region, companies raised $2.64 billion through 14 IPOs in Q2 2024 alone, highlighting the growing appetite for public listings. As Al Majed For Oud, alongside other regional players like Spinneys and Arabian Oud, taps into this trend, the IPO wave is expected to reshape the region's investment landscape.