Several firms working on IPOs on Saudi market: Report

A trader watching the Tadawul trading screen

Several companies are preparing to list on the Saudi market across oilfield services, manufacturing, telecommunications and contracting sectors, Bloomberg reported, citing people familiar with the matter.

Among them is Alkhorayef Petroleum Co., which has begun working with Citigroup, JPMorgan Chase and BSF Capital on a potential share sale, the sources said.

The company operates in the Middle East, Africa and Latin America. It is controlled by the Alkhorayef Group, whose investments span industrial services, lubricants and water solutions, with the Public Investment Fund (PIF) among its shareholders.

ArcelorMittal Jubail Tubular Products (AMJTP), backed by PIF and ArcelorMittal Co., is also working with Moelis & Co. on a potential listing and is seeking to add more banks to help execute the deal, the report said.

Etihad Salam Telecom Co. (Salam) is preparing for an IPO, which is being arranged by BSF Capital. Meanwhile, Mutlaq Al-Ghowairi Contracting Co. (MGC) is studying a share sale that could value it at up to SAR 15 billion ($4 billion), the sources said.

No final decisions have been made on any of the transactions, Bloomberg added.