Sport Clubs Company has received approval to float 30% of its shares on the Saudi stock exchange. It plans to sell 34.3 million shares, with a six-month deadline for the IPO process. The company operates 56 branches and includes various fitness brands catering to both men and women, contributing to Saudi Arabia’s growing wellness initiative.
Sport Clubs Company, based in Riyadh, has received regulatory approval to publicly list 30 percent of its share capital on the Saudi stock exchange. The Capital Market Regulator has authorized the sale of 34.3 million shares on the main market, with the approval valid for six months. If the initial public offering (IPO) is not completed within this time, the approval will be cancelled.
Founded in 1994, Sport Clubs operates 56 branches across 18 cities in Saudi Arabia. Its offerings include 41 men’s fitness clubs branded as “Body Masters” and 15 women’s clubs known as “Body Motions.” These brands, including a newly launched fitness equipment division called Body Experts, are aligned with Saudi Arabia’s growing wellness initiatives.
So far this year, four other Saudi companies—Almoosa, Nice One, Derayah Financial, and Entaj—have successfully completed IPOs and listed their shares on the main exchange. The recent trends in the fitness sector are indicative of the increasing participation in wellness and fitness markets within the region, which is compounded by efforts in expanding health awareness and services in Saudi Arabia.
In summary, Sport Clubs Company is set to advance its growth and public presence on the Saudi stock exchange with a planned IPO, reflecting the broader trend of market expansion in the fitness industry within the region. The increasing number of IPOs and the establishment of its fitness equipment distribution line further highlight the potential of the wellness market in Saudi Arabia.
Original Source: www.agbi.com
