The Public Investment Fund (PIF) is reportedly back in the IPO market, looking at taking some of its newer portfolio companies public — or selling down stakes — to raise capital, Semafor reports, citing people it says are familiar with the matter.

The new faces: ArcelorMittal Jubail, the steel pipe maker supplying oil and gas projects, and Sela, the fast-growing events and experiences company behind some of the Kingdom’s biggest entertainment projects, are the newest names in the mix. Despite Tadawul falling nearly 13% in 2025, the fund continued to tap domestic capital, selling down a 3.3% stake in Masar in a SAR 950 mn transaction — the fund’s first sell-down in over a year, following its roughly USD 1 bn disposal in STC.

Also earmarked for the 2026 window: Saudi Global Ports, district cooling firm Tabreed, Cloudkitchens, Alkhorayef Petroleum, and events organizer Richard Attias & Associates, Semafor said.

Meanwhile, there are a handful of previously-announced IPO plans that still don’t have a concrete timeline, including medical procurement firm Nupco, first announced in May 2024, contractor Nesma & Partners (January 2025), Riyad Capital (January 2025), and software company Saudi Information Technology (May 2025).

The fund is also considering trimming stakes in already public companies, including Riyad Bank. Meanwhile, PIF-controlled agribusiness investor Salic might sell part of its 16% stake in dairy giant Almarai.

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