Trolley General Trading Company, a leading convenience-led grocery retailer based in Kuwait City, has successfully commenced trading on Boursa Kuwait’s Premier Market following the completion of its private placement.
The selling shareholders raised KD59.5 million ($195 million) from local and international investors.
A total of 96,250,000 existing ordinary shares were offered to qualified investors, representing 35% of the company’s total issued share capital.
The offer price was set at 618 Kuwaiti Fils per share, with Trolley’s market capitalisation at approximately KD170 million ($552.58 million).
National Investments Company acted as the Exclusive Listing and Investment Advisor, Joint Global Coordinator, Joint Bookrunner, and Sole Subscription Agent, managing all stages of the transaction with high efficiency and professionalism, and in record time, from preparation and structuring through to the final closing of the offering.
The subscription coverage reached 15.2x of the initially offered shares, reflecting investor confidence in the company’s fundamentals, management track record, governance standards, and future growth trajectory, highlighting the strength of its business model and the confidence it has earned from a broad mix of regional and global sophisticated investors.
Commenting on the listing, Chairman Faisal Yaqoub Boodai said: "Today marks an important milestone in our journey. Our decision to list on Boursa Kuwait through a private placement reflects our belief in this market, in our investors, and in the business we have built. Since our establishment in 2010, Trolley has grown from a small-scale operation into Kuwait’s leading convenience-led grocery retailer."
Operating two distinct brands, Trolley and Baqala, in Kuwait and Trolley in Saudi Arabia, the company has grown consistently, expanding to 204 stores as of June 30, 2025. Its network includes 134 Trolley stores in Kuwait, 53 in KSA, and 17 value-oriented Baqala stores in Kuwait.
"This listing underscores the confidence our customers have placed in us and highlights the consistency of our growth and adapting to future trends. We are excited to welcome new shareholders as we continue to expand our footprint and enhance our position as the premier destination for quality products," he stated.
CEO Mohammad Yaqoub Boodai said: "Listing on Boursa Kuwait opens a new chapter for Trolley, one that comes with both opportunity and responsibility. From the very beginning, over 16 years ago, Trolley was founded with a clear vision to redefine convenience in Kuwait and the broader GCC region."
"Over the years, we have achieved tremendous growth, transitioning from a small-scale operation to a network of over 200 stores across Kuwait and the Kingdom of Saudi Arabia. With our strong foundation and a clear roadmap, today’s milestone provides us with the platform and resources to accelerate that vision. We’re looking forward to welcoming new shareholders to Trolley as we embark on this exciting next step in our journey together," he added.
Lauding the move, Boursa Kuwait CEO Mohammad Saud Al Osaimi said: "The listing of Trolley on the “Premier” Market amid the current regional challenges stands as a testament to the strength of the capital market ecosystem and is a clear demonstration of the institutional resilience of Kuwait’s business environment. It also reflects the continued development of the Kuwaiti capital market and reinforces its role in supporting the national economy."
Khaled Waleed Al Falah, the Chairman of the Board of National Investments Company, stated that this initial offering of Trolley witnessed remarkable demand from a broad base of local and international institutional investors, with subscription coverage reaching 15.2x of the initially offered shares, while total demand exceeded KD777 million.
AlFalah further added that the offering comprised a secondary sale of approximately 35% of the company’s issued shares.
The entire subscription process was executed through National Investments Company’s dedicated digital platform, including investor registration, receipt of orders, and the issuance of provisional and final allocation notices, thereby enhancing efficiency and transparency and providing a fully integrated investment experience, he added.-TradeArabia News Service
