By Amr Adel
Dubai – Mubasher: The largest e-commerce site in the Arab world, Souq.com, considers launching an initial public offering (IPO) within two years on either the Saudi Tadawul or a UAE stock market, said the CEO Ronaldo Mouchawar.
"The share flotation will be carried out in the comming 12-18 months after the company hikes its capital to $400 million", Mouchawar.told Mubasher Tuesday.
The CEO gave no further details about the public float's portion, assuring that no current shareholders intend to divest of the company.
In March, the company, which is valued at $1 billion, was granted $275 million financings for developing future plans and electronic commerce in the Arab world, Mouchawar indicated.
Regard sales growth, he said it is "country-based", but generally ranges between 40% and 55%.
Souq.com was founded in 2005 as an auction site and then turned into an online shopping site in 2011 to achieve the highest sales rate by an internet-based business in the Arab world ($150 million), where it owns 25 storage spaces in the gulf and 12 spaces in Egypt.
