Saudi Arabia-based speciality coffee chain Barn’s is planning to go public by launching an initial public offering (IPO) in 2024, World Coffee Portal has reported.
Established in 1992 by the Al Amjaad Group, the Jeddah-based coffee chain operates more than 550 stores across Saudi Arabia, the largest market in the Middle East region.
More than 70% of Barn’s stores in the region are franchised.
Al Amjaad Group CEO Mohamed Al Zain was quoted by the World Coffee Portal as saying: “Saudi Arabia’s recognition as the “coffee capital of the Middle East” is a testament to our passion for coffee and our commitment to fostering a vibrant coffee culture.
“We believe that this is just the beginning of our journey, and we look forward to further elevating Saudi Arabia’s standing in the international coffee community,” he said.
Speaking at Barn’s annual franchise meeting, Mohamed Al Zain explained that the planned IPO would enable the public to move from loyal customers to investors in the company’s success.
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The coffee chain is on target to reach 1,000 stores globally by the end of the 2020s, and the brand’s first overseas expansion is expected in 2024.
The coffee chain will focus on expanding its presence in the Middle East and North African (MENA) markets, and will also expand its presence in the UK, US, and Malaysia, according to the report.
In July 2024, Barn’s reached an agreement with Premier Fine Foods to open stores in Malaysia as well as other Southeast Asian regions.
Premier plans to open 25 Barn’s Coffee outlets in Kuala Lumpur, Malaysia.
It also plans to expand the coffee chain’s presence across Southeast Asia by opening 300 stores up to 2033.