Published On 2/6/2026
The American bank, Goldman Sachs, is working on arranging a potential initial offering for the Kuwaiti “Boutiquet” platform, which specializes in selling beauty and fashion products online, in a deal that could give the company a valuation exceeding one billion dollars, and become one of the largest private listings in the history of Kuwait, according to what Bloomberg reported, citing people familiar with the discussions.
The agency said that the offering may take place in the first quarter of next year, while the discussions are still in their initial stages and the size or final timing of the deal has not yet been decided. She added that Boutiquet had received a valuation of about $500 million in a financing round during 2019.
If the deal goes ahead, Boutiquet will become the first e-commerce platform to be listed on the Kuwait Stock Exchange, with a market value of about $167 billion, and Goldman Sachs will also receive the first advisory mandate for an initial public listing in the country since opening its office in Kuwait last year, according to Bloomberg.
Expansion in Kuwait
Bloomberg indicated that other global financial institutions, including “Carlyle Group,” “Franklin Templeton,” and “State Street,” are also seeking to strengthen their presence in Kuwait, as part of the country’s efforts to consolidate its position as a regional business center.
The agency added that the war on Iran cast a shadow over the region and raised a state of uncertainty about the pace of these expansions, but giant American companies continued to support Gulf markets and build closer relationships with sovereign funds that have become among the most prominent global investors.
Sovereign funds or sovereign wealth funds are investment funds owned by countries, but they are not affiliated with ministries of finance or central banks. Most of their resources come from revenues from raw materials, most notably oil. The goal is to manage and invest part of the state’s financial surpluses according to a profitable commercial plan in long-term investment operations outside the countries of origin.
Bloomberg reported that Goldman Sachs is also competing for a potential mandate worth $10 billion for its asset management arm from the Kuwait Investment Authority, which manages the Kuwaiti sovereign fund, whose assets exceed one trillion dollars.
Recovery in the IPO market
Bloomberg saw that the IPO market in the region has begun to show signs of recovery after one of the slowest starts in years, a slowdown that began before the war on Iran.
She added that a number of Saudi companies are moving forward with plans to list on the stock market, while a fertilizer company in the Sultanate of Oman announced this week the offering of its shares for public subscription for the first time.
In Kuwait, the market has witnessed a limited number of IPOs in recent years. Bloomberg noted that Truly General Trading Company raised about $193 million from its initial public offering earlier this year, while its stock has risen by more than 50% since its listing last March.
“Boutiques” was established in 2015, and allows Gulf and Arab celebrities to sell products through virtual stores on its digital platform, and the company is active in all six Gulf markets.
