Saudi Bodymasters said to mull Nomu listing

Shareholders of Saudi Arabia's gym brand Bodymasters are talking to banks and considering an initial public offering (IPO) on Nomu Parallel Market, Reuters reported citing sources familiar with the matter.

The fitness chain is owned through a 60/40 percent split by two funds run separately by Saudi-based private equity firms Amwal Al Khaleej and MEFIC Capital.

Bodymasters has invited banks to pitch for arranging the sale late last year, a source said without giving any details on the valuation or the percentage of shares that could be offered.

Nomu requires companies to offer at least 20 percent of its shares to the public.

In Jan. 2016, the shareholders were in informal talks with four potential buyers to sell the company, and the transaction was said to be worth 500 million riyal ($133 million), sources said but didn’t comment on how the talks concluded.

Bodymasters has 35 gyms, mostly in Riyadh but also in Qassim, Dammam and Khamees Mushait.