RIYADH, Oct 7: Saudi Arabia’s biggest fashion retailer opened a $352 million initial public offering on Saturday, with analysts expecting solid demand despite a stock market slump and questions over a balance sheet overhaul.

Fawaz Abdulaziz Alhokair & Co. operates 617 stores across the world’s top oil exporting country, and represents nearly 60 international brands, including Marks & Spencer, Zara and Massimo Dutti.

Established in 1990 the company held a 48.3 per cent share of the $800 million per year Saudi retail fashion market by last year, the prospectus said. The IPO values the company at just under $1.2 billion.

Alhokair is offering Saudi investors 12 million shares, or 30 per cent of its stock, at 110 riyals per share in the IPO which closes on Oct 16.—Reuters