First published: 10-Feb-2026 09:19:50

Kuwait City, Kuwait: Trolley General Trading Company K.S.C.P. (“Trolley” or the “Company”), a leading convenience retailer based in Kuwait, today commenced the process of offering up to 82,500,000 of its existing ordinary shares (“Shares”), representing up to 30% of its share capital, for private subscription (“Offering”) and listing on the Premier Market of Boursa Kuwait, subject to obtaining regulatory approvals in Kuwait. The Offering involves the sale of existing ordinary shares (“Outstanding Shares”) by the Company’s existing shareholders (“Selling Shareholders”). The listing, upon completion, is a step towards diversifying the shareholder base, enhancing corporate governance, and expanding the Company’s network and standing among key stakeholders .

The company has appointed National Investments Company K.S.C.P. (“National Investments Company”) and EFG Hermes UAE Limited (“EFG Hermes Limited”) (in conjunction with EFG Hermes UAE LLC (“EFG Hermes LLC”) as joint lead coordinators and joint bookrunners (“joint lead coordinators” and “joint bookrunners”). The company has also appointed National Investments Company as the underwriting agent (“underwriting agent”) and listing advisor (“listing advisor”).

Key features of the presentation

• Up to 82,500,000 ordinary shares will be offered at a nominal value of 100 fils per share, representing up to 30% of the company’s total issued share capital .
• The offering is available to qualified investors, including naturally occurring professional investors and qualified professional investors (defined below) .
• The subscription period for all eligible investors is expected to begin on February 15, 2026 and end on February 19, 2026 (" the subscription period ").
• The final offering price is determined through a price-building process based on an offering price range that will be determined and announced in due course .
• The company’s shares are expected to be listed for trading on the First Market of the Kuwait Stock Exchange (“Listing”) within three (3) working days from the date of submission of the Subscription Statement to the Capital Markets Authority of Kuwait (“Capital Markets Authority” or “the Authority”).

Important note: The selling shareholders reserve the right to amend the size of the offering at any time before the end of the subscription period at their sole discretion, subject to applicable laws and the approval of the Capital Markets Authority.

Expected timeline for IPO

The following is the timeline for the subscription, which is subject to market conditions and obtaining relevant regulatory approvals in Kuwait, including listing approval and approval from the Capital Markets Authority:

Capital structure and dividend policy

• The company’s capital, on the date of listing, was set at 27,500,000 Kuwaiti dinars divided into 275,000,000 fully paid-up shares, with a nominal value of 100 fils per share.
• A company's ability to distribute cash dividends depends on several factors, including the amount of distributable reserves, capital requirements, and other financial requirements. Therefore, no future dividend payments can be guaranteed, nor can the amount, if any, be guaranteed.
• The distribution of cash dividends depends on several factors, including future earnings, the operating plan, and other factors deemed important by the Board of Directors from time to time. Distributions are generally subject to approval by both the Board of Directors and the General Assembly. Accordingly, the company intends to distribute semi-annual dividends in each fiscal year following the IPO, and these dividends are expected to be paid after approval by the General Assembly and receipt of regulatory approvals for the audited financial statements.
• Taking the above into account, the company intends to distribute dividends for fiscal year 2026 at a rate of 90% of net income for fiscal year 2026. As for fiscal year 2027 and subsequent years, the company expects to continue to maintain a dividend rate of 70% in the medium term, according to the company's assessment.
• This dividend policy is subject to annual review by the Board of Directors, taking into account cash flow management requirements related to operating expenses, financing costs, and anticipated capital expenditures and investments. In addition, the company expects the Board to review market conditions, the prevailing business environment in the markets where the company operates, and the company's future growth prospects and business opportunities on an annual basis.

Company Overview

Trolley is a leading retail grocery company headquartered in Kuwait, specializing in providing quick service to consumers. The company operates in Kuwait with a dual-store model, "Trolley" and "Baqala," and in Saudi Arabia with a Trolley model (collectively referred to as the Group).

The group was founded in 2010 and has experienced continuous growth, expanding to 204 stores as of June 30, 2025. These include 134 trolley stores in Kuwait, 53 stores in Saudi Arabia, and 17 grocery stores in Kuwait, strategically located in high-traffic urban centers, petrol stations, university campuses, and upscale residential complexes, enabling it to effectively serve different consumer segments.

Over the years, the company has expanded its operations in the Gulf region, including entering the Saudi market in 2022 and opening its first store in 2023. The company achieved further expansion by opening 21 stores by the end of 2023, reaching 50 stores by the end of 2024 and 53 stores as of June 30, 2025. In 2023, the company enhanced its offerings through digital channels, launching the "Trolley" app and expanding its product line by launching its own brand, Goodness ™.

The company offers a wide range of products within clearly defined categories designed to meet diverse market needs, including :

1. The basics: The company offers a range of distinctive imported products, and a carefully selected selection of essential non-food items for immediate consumption.
2. Ready-made meals: The company offers a wide range of ready-made foods and seasonal beverages, most of which are marketed under the company's own Goodness ™ brand.
3. Coffee: Many stores have a dedicated coffee corner offering hot and cold drinks, making the store a hub for everyday needs .
4. Communication and Shipping: The company provides communication service kiosks in cooperation with major telephone operators, allowing customers to access many services while shopping .
5. Quick access to cash: The company has partnered with local banks to install ATMs inside selected stores, enabling withdrawals, deposits, and bill payments .
6. Ordering through multiple channels: The Trolley mobile app provides instant access to inventory, instant orders, and home delivery in approximately 35 minutes .
7. Postal services: Many Trolley stores in Saudi Arabia offer postal and parcel delivery services in cooperation with local logistics providers .

The company's stores are designed to meet consumers' everyday needs for consumer retail goods, as well as many services that make their lives easier.

Offer details

The selling shareholders expect to sell up to 82,500,000 shares, representing up to 30% of Truli's total issued share capital. The selling shareholders reserve the right to amend the offering size at any time before the end of the subscription period, at their sole discretion, subject to applicable laws and approval by the Capital Markets Authority.

The subscription period for all eligible investors is expected to run from February 15, 2026 to February 19, 2026.

The offering price per share ("offering price") will be determined through a price-building process.

The offering and acceptance of the listing are expected to be completed within three (3) working days from the date of submission of the subscription statement to the Authority.

The offering details will be included in an Arabic prospectus (the “Official Arabic Prospectus”) and an English prospectus (an unofficial translation of the Arabic prospectus approved by the Capital Market Authority), collectively referred to as the “Prospectus” or “Prospectus.” The Prospectus was published today on the Company’s website, accessible only to qualified investors, and will be made available to qualified investors only by the joint lead managers.

The offering is limited to qualified investors only, which includes all individuals and legal entities, including companies, institutions, banks, and funds, as defined in Book One of the Executive Regulations of the Capital Markets Authority in Kuwait as “investors who are professional by nature” or “qualified professional investors” (as defined in the appendix attached to this announcement), who accept the subscription terms contained in the subscription application as well as in the prospectus, unless they are prohibited from owning shares.

The shares subscribed for will be recorded after the completion of the subscription in the company’s shareholder register maintained by the clearing agent (“Kuwait Clearing Company K.S.C.C.”) in the name of the subscribers to whom the shares have been allocated and who have paid their nominal value in full, as soon as possible.

Risk Summary

Investing in and holding shares in an IPO involves risks that include risks related to the group, the markets and the sector in which the group operates primarily, as well as risks related to the legal and regulatory environment and others related to the offering.

For more information about risks, including those mentioned above, qualified investors should consult the prospectus.

Competitive advantages

The small retail sector in Kuwait and Saudi Arabia is undergoing a significant transformation. With continued urbanization, evolving consumer behavior, and retailers adopting new models, small shops are poised for rapid growth at a rate exceeding that of the broader consumer goods retail market. Trolley is well-positioned to capitalize on these market dynamics.

Favorable market conditions support expansion

Trolley operates in Kuwait and Saudi Arabia, markets characterized by strategic diversification, rapid demographic growth, exceptional purchasing power, a favorable tax environment, high digital connectivity, advanced commercial and infrastructure, and urban expansion that fosters a demand for more convenient options. These factors are driving a shift towards modern, fast-service retail, and Trolley is ideally positioned to capitalize on this valuable opportunity.

Compliance with government transformation programs

Kuwait and Saudi Arabia have adopted long-term national programs, namely Kuwait Vision 2035 and Saudi Vision 2030, which aim to reduce dependence on oil and shift towards growth driven by the consumer and service sectors. Truly is strategically positioned to capitalize on these national programs, leveraging its established presence and integrated, multi-channel brand.

Key strategies for achieving long-term growth and profitability

Trolley aims to significantly expand its market presence by opening new stores in Saudi Arabia, focusing primarily on major urban centers over the next five years. The company is also forging partnerships with leading fuel station operators to expedite store openings in high-traffic locations. Furthermore, Trolley is developing its digital infrastructure by launching three new digital ordering stores and continuing to invest in its app. The company also plans to introduce new product lines such as fresh salads, sushi and bento boxes, hand-made pizzas, and gourmet baked goods. Trolley aims to increase its private label contribution to sales.

Leading small retail company in Kuwait

Trolley has successfully established a leading position in Kuwait, capturing 14% of the market share in the convenience store sector, significantly ahead of any competitor in this rapidly growing industry. Trolley holds approximately 3% of the total consumer goods market and continues to solidify its position as a leading convenience retailer in Kuwait.

Strong financial performance and resilient revenues

Truly continues to deliver strong growth driven by its core operations, with total revenue increasing by 18.0% year-on-year in 2024 to KWD 79.5 million. Total revenue for the period ending September 30, 2024, was KWD 57.6 million, and is projected to rise to KWD 68.3 million for the period ending September 30, 2025.

An experienced leadership team with a proven track record of success in global markets.

Truly is led by a highly experienced management team with extensive expertise in key regional and international markets. This team has a proven track record of supporting and guiding companies through their expansion and growth phases, equipping them to achieve long-term, sustainable value.

Integrated multi-channel strategies to expand reach and improve customer experience

The multi-channel, integrated approach is one of the most important competitive advantages that contributes to driving Trolley's growth. It includes a company-owned digital platform, advanced supply chain capabilities, and data-driven analytics aimed at enhancing customer experience through personalized interaction and targeted offers, and ensuring a fast delivery time of no more than 35 minutes, which greatly enhances customer convenience and satisfaction.

About Truly Company

Trolley is a leading convenience store retailer headquartered in Kuwait. The company operates a dual-store model in Kuwait and Saudi Arabia. Founded in 2010, the group has experienced continuous growth, expanding to 204 stores as of June 30, 2025. This includes 134 Trolley stores in Kuwait, 53 stores in Saudi Arabia, and 17 grocery stores in Kuwait, strategically located in high-traffic urban centers, petrol stations, university campuses, and upscale residential complexes, enabling it to effectively serve diverse consumer segments.

Disclaimer regarding past and future performance

The figures above are based on past performance and are not considered a reliable indicator of future performance, and similar results cannot be guaranteed in the future.

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Definitions:

“ Professional Investor by Nature ”: The following are considered to be professional investors by nature: (a) a government, a public authority, a central bank, or an international institution (the World Bank or the International Monetary Fund), or (b) persons licensed by the Authority, investment funds, and other financial institutions subject to a regulatory body within or outside the State of Kuwait, or (c) a company whose paid-up capital is not less than one million Kuwaiti dinars or its equivalent.

A qualified professional investor is defined as anyone who meets one of the following criteria: (a) The client has significant securities transactions averaging at least KWD 250,000 or its equivalent per quarter for the preceding two years. (b) The client's funds and assets held with one or more licensed entities are at least KWD 100,000 or its equivalent. (c) The client has worked or previously worked in the financial sector for at least one year in a professional capacity requiring knowledge of the transactions or services to be provided.

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