Kuwaiti online beauty and fashion retailer Boutiqaat is planning an initial public offering of US$1 billion in the first quarter of next year.

Goldman Sachs is reportedly preparing for the proposed transaction, which would be the first listing mandate in the GCC region for the US investment bank.

Valued at nearly double its 2019 funding round level, Boutiqaat could become one of Kuwait’s largest private-sector listings and the first e-commerce platform to join the country’s $167 billion stock exchange.

Founded in 2015, Boutiqaat has established itself as one of the Middle East’s leading beauty, fragrance, fashion and lifestyle destinations through a diverse portfolio. Its ongoing success has been driven by strategic partnerships with globally recognised brands, as well as the consistent introduction of new concepts and experiences over the years.

The potential offering hence reflects Boutiqaat’s strong market position, sustained growth trajectory and long-term investment in regional and international expansion.

The company has yet to finalise the timing and size of the deal.