#Saudi Global Ports Said to Pick Banks for Up to $1 Billion IPO - Bloomberg

Saudi Global Ports Said to Pick Banks for Up to $1 Billion IPO - Bloomberg

State-backed Saudi Global Ports Co. has picked banks including Goldman Sachs Group Inc. and HSBC Holdings Plc to help arrange a planned Riyadh initial public offering, according to people familiar with the matter.

The port operator owned by the kingdom’s Public Investment Fund and Singapore’s PSA International Pte could be listed as early as next year, according to the people, who declined to be named discussing confidential information. The deal could raise up to $1 billion, the people said.

No final decisions have been made on the timing and size of the offering. Representatives for Saudi Global Ports, PIF, PSA, Goldman and HSBC declined to comment.

Bloomberg News previously reported that the port operator was among the companies owned by the PIF that was being considered for an IPO. PSA is owned by Singapore’s state investor Temasek Holdings Pte.

The PIF is the main entity tasked with delivering Crown Prince Mohammed Bin Salman’s multitrillion-dollar Vision 2030 plan, which envisages substantial investments into the kingdom’s transports and logistics industry, among others.

The nearly $1 trillion wealth fund is lining up stake sales in portfolio companies — including medical procurement firm Nupco — to finance the economy’s diversification away from oil. This year, the fund has raised over $13 billion from secondary share sales in Saudi Aramco and Saudi Telecommunications.

Saudi Global Ports was formed in 2012 and operates container terminals in King Abdulaziz Port on the country’s east coast, according to its website. The port is the largest container terminal on the Persian Gulf. It also manages Riyadh Dry Port.