PIF invites banks to take part in NUPCO's IPO: Report

13/05/2024 Argaam
Logo ofNational Unified Procurement Co. (NUPCO)

Logo of National Unified Procurement Co. (NUPCO)

The Public Investment Fund (PIF) has invited banks to take part in the planned initial public offering (IPO) of the National Unified Procurement Co. (NUPCO), Bloomberg reported, citing sources.

 

The sovereign fund appointed Rothschild & Co. to advise on the potential IPO, sources added.

 

For More IPOs

 

Details on timing and size of the IPO are still under study. The offering is likely to raise less than $1 billion, they said.

 

In October 2023, Saudi Minister of Health Fahad Al-Jalajel stated that the ministry is working with PIF to assess NUPCO’s IPO.

 

According to the data available on Argaam, NUPCO was founded in 2009 and is wholly owned by PIF. It operates in the field of providing medical procurement, storage, and distribution services for pharmaceuticals, medical devices, and medical supplies in Saudi Arabia.

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