Saudi Arabia's SABIC picks HSBC, Morgan Stanley for specialty unit IPO - sources | Reuters
Saudi Basic Industries Corp (SABIC) has selected HSBC and Morgan Stanley to work on the planned initial public offering (IPO) of its specialty chemicals business, two sources familiar with the matter said.
SABIC, the world’s fourth-biggest petrochemicals firm, hired Saudi investment bank NCB Capital earlier this year to work on the public share sale, which sources said could raise several hundred million dollars.
The specialty chemicals business brings in about $2 billion in sales each year for SABIC, which is controlled by state oil giant Saudi Aramco, one of the sources, and a third source, said.
The unit produces speciality engineering thermoplastic resins and compounds, composites, thermosets and additives, according to information on its website.
SABIC, HSBC and Morgan Stanley declined to comment.
The country had a flurry of public offerings last year as companies tap into Saudi demand for shares since oil giant Aramco’s record IPO in 2019.
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