Manufacturing Shisha tobacco company has IPO in the pipeline for 2024 By Reuters July 4, 2023 Reuters/Zuhair Al-Traifi An IPO is planned for Air, which produces shisha molasses for over 100 countries Advanced Inhalation Rituals plans flotation in first half of next year UK’s Kingsway Capital is majority owner of Air in Dubai The Middle East’s biggest shisha tobacco company has invited banks to pitch for roles in its planned initial public offering next year. Dubai’s Advanced Inhalation Rituals (Air) is planning a flotation in the first half of 2024, sources told Reuters. UK private equity firm to sell stake in Dubai shisha company PIF-owned company aims to stub out smoking in Saudi Middle East breathes in smoking hot tobacco sales Air is one of the world’s biggest producers of shisha molasses. Its majority owner Kingsway Capital is seeking a sale as part of a dual-track process, where a seller pursues a sale and an IPO at the same time. Reuters reported in March that Kingsway, based in the UK, had hired Rothschild & Co to advise it on options for Air, including a possible IPO. Neither Air nor Rothschild immediately responded to requests for comment when contacted by Reuters on Tuesday. Private equity firms generally seek to exit their investments between five and seven years after buying in. Middle Eastern companies bucked global trends last year to raise about $22 billion through IPOs, according to Dealogic, which was more than half the total for the wider Europe, Middle East and Africa region.
