Petromin plans to float shares on Saudi market: Report

Logo of Petromin

Petromin, a Saudi Arabian automotive services firm, plans to float shares in an initial public offering (IPO) in the Kingdom.

The company is working with Saudi National Bank and Moelis & Co. on the potential offering, sources told Bloomberg, expecting the firm to raise as much as $1 billion.

Details of the deal may change, the sources said, adding that more banks may also be added to the syndicate.

Petromin was established in 1968 as part of a joint venture between Saudi Aramco and Exxon Mobil. In 2013, Dabbagh Group acquired the firm and converted into a company specialized in providing sustainable and innovative mobility solutions for individuals and companies, according to data available with Argaam.

Petromin currently operates eight segments, including car dealerships, fleet solutions, fuel stations, lubricants and auto parts.

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