Mideast's biggest tobacco firm AIR invites banks to pitch for roles in IPO-sources | Reuters
Dubai-based Advanced Inhalation Rituals (AIR), the Middle East's biggest tobacco company, has invited banks to pitch for roles in its planned initial public offering (IPO) next year, two sources with knowledge of the matter told Reuters.
AIR, one of the world's biggest producers of shisha molasses, is planning a flotation in the first half of 2024, said the people, declining to be named as the matter is not public.
AIR did not immediately respond to a request for a comment when contacted by Reuters on Tuesday.
Britain's Kingsway Capital, the majority owner of AIR, is seeking a sale as part of a dual-track process, where a seller pursues a sale and an IPO at the same time.
Reuters reported in March that Kingsway had hired Rothschild & Co (ROTH.PA) to advise it on options for AIR, including a possible IPO.
Rothschild did not immediately respond to a request for comment on Tuesday.
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