Saudi petrochemicals giant SABIC hires NCB for speciality chemicals unit IPO - sources | Reuters
Saudi Basic Industries Corp (SABIC) has hired NCB Capital to advise on a potential listing of its speciality chemicals business, an offering that could raise several hundred million dollars, three sources said.
The company is also sounding out foreign banks for advisory roles and HSBC and JPMorgan are among those in the final phase of pitching for the deal, which could be launched later this year or early 2022, two of the sources said.
Saudi Arabia, which hosted Aramco’s record $29.4 billion IPO in 2019, has become one of the Middle East’s biggest markets for deals. The kingdom is encouraging more listings, seeking to deepen its capital markets under reforms aimed at reducing its reliance on oil.
The sources declined to be identified as the matter has not yet been made public. NCB Capital did not respond to a Reuters request for comment, while JPMorgan and HSBC declined to comment.
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