iMENA Raises $135M, Restructures as Saudi CJSC Ahead of Potential IPO

Whats Happening:

iMENA Group, a regional leader in digital platforms in the MENA region, has raised $135 million from investors including Sanabil Investments, FJ Labs, and Saygin Yalcin. The fund has restructured into a Saudi Closed Joint Stock Company (CJSC) called iMENA Holding, marking a significant step towards a potential public listing. The capital raise will be used to increase iMENA's shareholding in its three high-performing businesses: OpenSooq, SellAnyCar, and Jeeny.

Key Moves:

• iMENA raises $135 million from Sanabil Investments, FJ Labs, and other investors

• Fund restructures as Saudi Closed Joint Stock Company (CJSC) named iMENA Holding

• Capital to be used to increase stakes in OpenSooq, SellAnyCar, and Jeeny

By The Numbers:

• $135 million raised in capital

• 40% of aggregate revenues come from Saudi Arabia

• 40% of aggregate revenues come from UAE

Key Quotes:

• "This transaction marks an important inflection point for iMENA in its journey to IPO-readiness," - Nasir Alsharif, Chairman of iMENA Holding

• "We are excited to invest in iMENA Holding, a digital platform with proven scalability and profitability." - Spokesperson at Sanabil Investments

• "Al Rajhi Capital is proud to support iMENA's transformation and potential IPO journey." - Hossam AlBasrawi, CEO of Al Rajhi Capital

Bottom Line:

iMENA's $135 million capital raise and restructuring as a Saudi CJSC mark significant steps towards its potential IPO. The fund's focus on increasing stakes in its high-performing businesses and its strong presence in key markets like Saudi Arabia and UAE position it as a compelling proxy for the digital economy in the MENA region. This move could provide investors with direct exposure to the region's fastest-growing online sectors.

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