Tabby Picks Banks To Help With Its Future IPO Plans
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Tabby, a well-known buy-now, pay-later company is preparing for a future stock market listing. According to recent reports, the firm has hired three big banks—HSBC, JPMorgan, and Morgan Stanley—to help with the process.
However, these plans are still in the early stages. There is no final decision yet on when the company will sell shares or how big the sale will be. People familiar with the matter revealed that Tabby may raise more money before the listing happens.
Tabby’s Value Has Grown Over Time
Tabby was valued at $1.5 billion in November 2023, this shows the company has grown a lot over time. The firm has not shared more details about its listing plan, and the banks helping with the deal have also not made any public statements.
Tabby’s IPO is part of a busy period for Saudi Arabia’s stock market. Several other companies are planning to sell shares soon. Derayah Financial Co., an online brokerage, has already launched a $400 million offering. Two other companies, Entaj Industrial Services Co. and Umm Al Qura for Development & Construction Co., have also announced plans to list their shares.
Tabby Moves Headquarters To Saudi Arabia
The company has several big investors some of them are Hassana Investment Co., Mubadala Investment Capital, Wellington Management, STV and Paypal Ventures. In 2023 Tabby collected a loan from JPMorgan, Tabby first began its company in Dubai and later relocated its headquarters to Saudi Arabia.
This relocation was part of its plan to prepare for the listing. The firm allows customers to buy goods and pay for them in installment later on. According to the update, Tabby had 12 million registered users as of June, it also works with more than 40,000 brands. The company is active in Saudi Arabia, the United Arab Emirates, and Kuwait. The company competes with other buy-now, pay-later firms like Tamara.
In September, it acquired a digital wallet startup called Tweeq. However, the company did not share how much it paid for the deal. Tabby’s IPO will help Saudi Arabia’s stock market grow further. Many investors will be watching closely as the company moves toward going public.
Tabby is a prominent Buy Now, Pay Later (BNPL) company operating in the Middle East, particularly in Saudi Arabia and the United Arab Emirates. Founded in 2019 by Hosam Arab, who serves as the CEO, Tabby offers consumers the flexibility to split their purchases into interest-free installments, both online and in-store.
