Set up in 1987, AlAbraaj Restaurants operates 15 brands across 37 locations in Bahrain and employs approximately 1,200 people. Credit: Food Shop / Shutterstock.

AlAbraaj Restaurants has plans for an initial public offering (IPO) on the Bahrain Bourse, the country’s stock exchange, before the end of this year.

The restaurant chain has appointed SICO BSC (c) as the lead manager for its upcoming IPO.

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No additional details regarding the share price or timing have been provided, reported Arabian Gulf Business Insight (AGBI).

Set up in 1987, AlAbraaj Restaurants operates 15 brands across 37 locations in Bahrain and employs approximately 1,200 people.

AlAbraaj is expanding with new concepts at upcoming locations such as the Avenues Mall extension, Al Liwan in Hamala, and Bahrain City Center.

The company is also preparing for direct entry into the Saudi Arabian market, complementing its current franchise operations there.

Its restaurant portfolio includes brands such as AlAbraaj, Bindaira, NuAsia, Lumee, YaSalam, Otto, San Carlo Cicchetti, Mazmiz, La Ro, and Sangam, as well as several cloud kitchen concepts, catering to Bahrain’s diverse consumer base.

In addition, AlAbraaj franchises five restaurants, with three of them located in the Saudi Arabian cities of Khobar, Jeddah, and Riyadh.

SICO will utilise its regional expertise to facilitate AlAbraaj’s transition to a publicly listed company, according to a press release posted on Zawya.

AlAbraaj Restaurants chairman Hamad Rashed Isa said: “The planned listing on the main market of the Bahrain Bourse marks a significant milestone in our journey that began in 1987. We are proud to showcase a portfolio reflective of Bahrain’s rich culinary culture and are excited to accelerate our growth across the GCC.

“With SICO’s support, we’re ready to embark on this new phase, empowering our brands and expanding our reach within Bahrain and beyond. This IPO will enable us to build on our strong foundation, bring our restaurant concepts to new markets, and pave the way for future growth.”

The Bahrain Bourse currently has a market capitalisation of around $20bn as reported by AGBI.

SICO Group CEO Najla Al Shirawi said: “We are pleased to be at the helm of AlAbraaj Restaurant Group’s IPO as they embark on this exciting journey. AlAbraaj is a brand that embodies the entrepreneurial spirit and innovation that Bahrain is known for, and this IPO represents a new opportunity to invest in the Kingdom’s expanding F&B industries, potentially contributing to increased trading and liquidity on the Bahrain Bourse.

“Our involvement reinforces SICO’s track record as a leading provider of comprehensive and innovative investment banking services in the GCC since 1995. We look forward to a successful IPO in the weeks to come.”