Riyadh - Sharikat Mubasher: Saudi Arabian coffee chain Barn’s started work on an initial public offering in Riyadh as it seeks to expand its footprint in the Middle East.

Barn’s is working with the Capital Market Authority (CMA) on steps for IPO approval and looking to hire banks to advise on a planned offering, Chief Executive Officer Mohammed Alzain told Bloomberg.

The deal could raise at least several hundred million dollars, with proceeds going toward expansion plans, Alzain said.

Barn’s did not provide a specific timeline for a possible IPO, but any public listing in the near term on Saudi Arabia’s main exchange would add to about half a dozen others this year.

The Jeddah-based company aims to grow its stores to 1,000 by 2030, from around 850 now, with new locations in the UAE, Oman, Kuwait, and Morocco.