Saudi car service company Petromin Corp. is resurrecting plans for an initial public offering in the kingdom that could raise up to $1 billion, according to people familiar with the matter.
The company, which is also the oldest lubricants company in the Middle East, works with the National Bank of Saudi Arabia and Mollis & Co. over a planned IPO, said people who asked not to be named because the information is confidential. at the Bloomberg agency.
People said the details of the offer, such as its size and timing, are subject to change. They said other banks could be added to the IPO.
Al-Dabbagh Group, a family group that invests in multiple sectors including automobiles, real estate and food, bought a 49% stake in Petromin in 2013 from India’s Hinduja Group.
Bloomberg News reported that the Saudi company has since considered an initial public offering and a sale of its stake in Petromin. Hinduja also planned an initial public offering of the company in 2010, but this deal never materialized.
Representatives for Petromin, Al-Dabbagh and Al-Ahly Bank of Saudi Arabia did not respond to requests for comment, while a Moelis spokesman declined to comment.
