Saudi Arabia’s Petromin Revives $1 Billion IPO Plan - Bloomberg
Saudi Arabian automotive services firm Petromin Corp. is reviving plans for its initial public offering in the kingdom that could raise as much as $1 billion, according to people familiar with the matter.
The company, which is also the Middle East’s oldest lubricants firm, is working with Saudi National Bank and Moelis & Co. on the planned offering, the people said, asking not to be identified as the information isn’t public.
Details of the deal, such as its size and timing, may change, the people said. More banks may also be added to the syndicate, they said.
Al Dabbagh Group, a family-owned conglomerate with interests from automobiles to real estate and food, bought a 49% stake in Petromin in 2013 from India’s Hinduja Group. The Saudi firm has since considered both an IPO and a stake sale for Petromin, Bloomberg News has reported. Hinduja was also planning an IPO of the company in 2010, but that deal never materialized.
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