Kuwaiti online retailer Boutiqaat targets $1bn valuation for IPO

Kuwaiti online beauty and fashion retailer Boutiqaat is reportedly seeking a listing on the local bourse in the first quarter of 2027.

Goldman Sachs is working on a potential initial public offering that would be the US investment bank’s first listing mandate in the GCC region, Bloomberg reported, citing unidentified sources.

Boutiqaat is targeting a valuation of $1 billion, nearly double the level reached in a 2019 funding round.

The timing and size of the deal have not been finalised.

The listing will make Boutiqaat the first e-commerce platform to go public on Kuwait’s $167 billion stock exchange.

Supermarket chain Trolley raised $194 million in an IPO, with its shares surging more than 50 percent on Boursa Kuwait since its listing in March.

Founded in 2015, Boutiqaat allows Gulf and Arab celebrities, as well as social media influencers, to sell products through virtual stores, according to its website.

On Tuesday, Oman India Fertiliser Company (Omifco), a joint venture between Oman and India, said it will list on the Muscat Stock Exchange this year.

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