Goldman Said to Work on Retailer IPO, Boosting Kuwait Push (1)

Goldman Sachs Group Inc. is working on a potential initial public offering of a Kuwaiti online beauty and fashion retailer, a deal that could mark the Wall Street bank’s first listing mandate in the Gulf nation as it seeks to expand there.

Boutiqaat’s offering could take place as early as the first quarter of next year, according to people familiar with the matter, who asked not to be identified discussing confidential information.

The company is seeking a valuation of more than $1 billion, one of the people said, which could make it one of the largest private-sector listings in ...