https://arab.news/wjxxd
RIYADH: Bahrain-based asset manager Investcorp has backed Middle Eastern logistics startup TruKKer by leading the pre-initial public offering round to raise $100 million.
Investcorp led the funding round by investing $51 million, alongside new and existing investors who cumulatively invested $49 million, according to a press release.
Trukker is considering a listing on several exchanges over the next two to three years including Saudi Arabia’s Tadawul, a Bloomberg report revealed.
“We are seeing a lot of interest in pre-IPO rounds as scale-ups secure greater market share and more Saudi businesses prove themselves successful on a national and regional basis,” said Hazem Ben-Gacem, co-CEO of Investcorp.
He added: “Trukker is just one example of the kind of company that we believe will prove attractive to institutional investors as the Saudi ecosystem matures, and our Pre-IPO fund will focus on exactly these kinds of high-growth businesses.”
This investment is part of the recently launched Investcorp Saudi Pre-IPO Growth Fund LP, targeting equity growth capital investments across a range of companies primarily based in the Kingdom with the potential to access the capital markets within three years.