Investcorp-Backed Al Borg Diagnostics Picks Banks for Saudi IPO - Bloomberg
Al Borg Diagnostics has picked EFG-Hermes Holding Co. and GIB Capital to work on a planned initial public offering in Saudi Arabia, according to people familiar with the matter.
The private laboratory chain, backed by the Middle East’s biggest alternative asset manager Investcorp, could look to raise about $350 million in the share sale, the people said, asking not to be identified as the information isn’t public. The IPO could happen as soon as in the second half of the year, one of the people said.
Details of the offering such as the size and timing are still being discussed and are subject to change, the people added. A spokesperson for Investcorp declined to comment. Representatives for Al Borg, EFG and GIB didn’t immediately respond to requests for comment.
Al Borg would join a long list of companies seeking to go public in the Middle East’s most active IPO market. The region as a whole is enjoying a listings boom, helped by high oil prices and equity inflows.
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