Markets Petromin reported to launch $1bn public offering By Pramod Kumar January 16, 2023, 5:10 AM Petromin The firm has engaged Saudi National Bank and Moelis & Co. on the planned IPO Saudi Arabia’s lubricants firm Petromin is planning for its initial public offering (IPO) to raise as much as $1 billion, Bloomberg reported, citing informed sources. The company has engaged Saudi National Bank and Moelis & Co. on the planned IPO. More banks may also be added to the syndicate, they said, adding details of the size and timings are not finalised. Al Dabbagh Group, a family-owned conglomerate, purchased a 49 percent stake in Petromin in 2013 from India’s Hinduja Group. The group has since considered both an IPO and a stake sale for Petromin, the report said. A total of 31 first-time share sales took place in Saudi Arabia last year, Bloomberg reported. Jeddah-based Petromin was established by royal decree in 1968 as a joint venture between Saudi Aramco and Exxon Mobil, the report added. Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later
