Trolley launches $175M IPO as Kuwait equity market reopens
Kuwaiti convenience store operator Trolley launched a $175 million all-secondary IPO targeting a 30% free float, marking the first major listing since Action Energy’s KD55.1 million offer in December 2025. The move signals revived investor appetite in Kuwait’s dormant equity market and positions the company for regional expansion.
Core facts
Trolley operates over 200 stores in Kuwait and plans Saudi expansion through partnerships with Aldrees and Aramco filling stations. Books open February 8, close February 12, with pricing on February 15 and trading expected by early March ahead of Eid al-Fitr. EFG Hermes and National Investments Company serve as joint bookrunners. The offering targets institutional and high-net-worth investors only, with no retail tranche.
Data evidence
For the nine months ending September, Trolley posted EBITDA of KD11.9 million ($38.7 million) on revenue of KD68.3 million. The company expects a dividend yield of 5-6%. Regional peers include UAE’s Spinneys (15.5x 2026 P/E, 4.6% yield) and Saudi Arabia’s BinDawood (22.3x P/E, 3.4% yield).
“A source close to the deal said demand has been strong with the company benefiting from being a household name in Kuwait.”
Strong early interest following pilot-fishing sessions in London and Kuwait demonstrates institutional confidence in consumer-facing businesses beyond the oil sector, validating Kuwait’s market readiness for growth capital deployment.
Why this matters
Kuwait’s IPO market has remained largely dormant since 2022, with limited public offerings despite regulatory reforms and improved political stability. Trolley’s listing proves investor appetite for non-oil consumer stocks exists, potentially opening pathways for adjacent sectors including fintech payment processors and digital commerce enablers that support retail infrastructure.
The timing aligns with broader MENA capital market resurgence. Saudi Arabia and the UAE have executed multiple successful IPOs, while Kuwait now positions itself to capture regional liquidity. Trolley’s Saudi expansion strategy through Aramco partnerships ties directly into Gulf-wide retail growth trajectories supported by Vision 2030 diversification efforts.
What to watch next
Final pricing levels, oversubscription multiples, and post-listing trading performance will indicate whether Kuwait can sustain IPO momentum. Monitor Saudi construction firm Saleh Al Rashed’s upcoming listing as a regional bellwether.
Conclusion
Trolley’s IPO demonstrates Kuwait’s readiness to rejoin regional capital market activity, creating precedent for technology and fintech firms seeking growth capital. Success here supports MENA’s broader evolution toward diversified, non-hydrocarbon equity markets.
