Saudi Edition 
Egypt Edition 
UAE Edition 
MENA <> India Corridor 
Logistics (MENA) 
Climate (MENA) 
Share
Read Full Issue 
The National Unified Procurement Company (Nupco) — a unit of the PIF — has reportedly tapped Rothschild & Co as financial advisor for its potential Tadawul IPO, Bloomberg reports, citing sources it says are familiar with the matter. The medical procurement company has reportedly opened the door for banks to “pitch for roles” in its upcoming debut, the business information service says.
What we know so far: The offering could raise less than USD 1 bn in proceeds, the sources added without providing further details on the scale or timeline of the transaction.
Background: Word that Nupco might be headed for an IPO first surfaced back in October 2023 as part of the PIF’s strategy to unlock fresh sources of capital to finance the government’s economic diversification projects. Pieces of PIF’s portfolio companies may soon be up for grabs as part of the fund’s plan. This could include anything from Saudi Telecom (Stc) to Maaden and Tadawul Group, with Saudi Global Ports also said to be a candidate to list before the year is done.
IPO PIPELINE AT A GLANCE-
Among the transactions now in the market or expected soon:
- Fintech startup Rasan is set to sell a 30% stake, with subscription now open to institutional investors;
- Labor agency Saudi Manpower Company (Smasco) is selling a 30% stake;
- Water treatment outfit Miahona has priced its IPO at the top of the range after recording strong investor appetite;
- Dr Soliman Abdul Kader Fakeeh Hospital looks set to become the largest IPO so far this year;
- Budget airline Flynas is reportedly looking to go public this year;
- PIF-backed lender Riyad Bank is considering the listing of its investment banking arm Riyad Capital;
- Hotels and resorts operator Boudl has filed to go public;
- Fourth Milling Company will list before the end of June;
- Singapore’s Olam Group is mulling the IPO of its Olam Agri subsidiary on Tadawul;
- Hypermarket operator Lulu is said to be eyeing a dual listing on Tadawul and ADX;
- Aster DM Healthcare looks set to spin-off its GCC assets and seek a dual listing on Tadawul and in the UAE.
IN OTHER IPO NEWS-
Yaqeen Capital has extended the subscription period for its IPO on parallel market Nomu until Thursday, 23 May, from the initial deadline this past Sunday, 12 May, according to a supplementary prospectus (pdf). The final shares allocation is slated for Tuesday, 28 May and refunds are scheduled for Monday, 3 June.
