Fashion retailer Alhokair said it would carry out an initial public offering (IPO) in order to raise funds of SAR1.32bn (US$352m).

Riyadh-based Alhokair is to sell 12m shares (30% of its stock) at SAR110 each, valuing the business at SAR4.4bn.

The proceeds will be used for regional expansion.

"Fashion retailing is growing at more than 20% per annum and has the potential to show robust growth in the future," chief executive Abdulmajeed Alhokair said.

The share sale will start on 7 October and ends 16 October.

Alhokair markets brands including Marks & Spencer, Zara and Massimo Dutti.