Goldman Sachs Pursues $1B+ IPO for Kuwait’s Boutiqaat, First Gulf Listing Mandate
CG•Goldman Sachs is working on a potential IPO for Kuwaiti online beauty and fashion retailer Boutiqaat, targeting a valuation above $1 billion in as early as Q1 next year. This would mark Goldman’s first listing mandate in Kuwait and the first e-commerce platform float on the $167 billion Kuwaiti exchange.
1. Goldman Seeks Boutiqaat IPO
Goldman Sachs is preparing a potential initial public offering for Kuwaiti online retailer Boutiqaat, marking its first IPO advisory role in Kuwait. The firm opened a local office last year as part of a broader strategy to expand in Gulf markets.
2. Record Valuation Potential
Boutiqaat aims for a valuation exceeding $1 billion, up from about $500 million in 2019, which could place it among the largest private-sector listings in Kuwait’s history. Preliminary plans suggest the listing could occur as soon as the first quarter of next year.
3. Milestone for Kuwaiti Market
If completed, the deal would be the first listing of an e-commerce platform on the $167 billion Kuwaiti bourse and would signal growing confidence in the country’s capital markets. Other global asset managers and private equity firms have also pursued opportunities in Kuwait.
4. Process Timeline and Uncertainties
Discussions remain at an early stage, with timing and deal size yet to be finalized. Goldman is also vying for a potential $10 billion asset management mandate from Kuwait’s sovereign wealth authority as part of its broader regional push.
