Sport Clubs Company has received approval to float 30% of its capital on the Saudi stock exchange, allowing for the sale of 34.3 million shares. This approval is valid for six months and will lapse if the IPO is not finalized. Established in 1994, the company operates numerous fitness clubs across Saudi Arabia and has expanded into fitness equipment distribution.
Sport Clubs Company, headquartered in Riyadh, has received official approval to offer 30 percent of its share capital on the Saudi stock exchange. This decision has been sanctioned by the Capital Market Regulator, allowing the sale of 34.3 million shares on the main market. However, this approval remains valid for a duration of six months and will expire should the initial public offering (IPO) not conclude within this timeframe.
Founded in 1994, Sport Clubs Company operates a substantial network of 56 branches across 18 cities within Saudi Arabia. The company’s offerings include 41 men’s clubs operating under the “Body Masters” branding and 15 women’s clubs branded as “Body Motions,” as indicated on their official website.
In addition to its clubs, Sport Clubs ventured into the fitness equipment distribution sector in 2020 with the launch of the Body Experts division. This move aligns with the ongoing emphasis on health and wellness in the Kingdom, amidst growth opportunities in the women’s fitness market. The fitness industry in Saudi Arabia is experiencing a thriving transformation, reflecting significant potential for future expansion.
As of this year, four Saudi companies have successfully completed their IPOs and initiated trading on the primary exchange, namely Almoosa, Nice One, Derayah Financial, and Arabian Company for Agricultural and Industrial Investment (Entaj).
In summary, Sport Clubs Company has secured regulatory approval to float a significant portion of its shares on the Saudi stock exchange, reflecting the growing momentum in the fitness industry within the region. Established since 1994, the company has expanded its reach across Saudi Arabia, catering to both men and women through its club brands. As it continues to enhance its offerings, including a foray into fitness equipment, Sport Clubs exemplifies the burgeoning wellness landscape in the nation.
Original Source: www.agbi.com
