Markets Petromin reported to launch $1bn public offering By Staff Writer January 16, 2023 Petromin The firm has engaged Saudi National Bank and Moelis & Co. on the planned IPO Saudi Arabia’s lubricants firm Petromin is planning for its initial public offering (IPO) to raise as much as $1 billion, Bloomberg reported, citing informed sources. The company has engaged Saudi National Bank and Moelis & Co. on the planned IPO. More banks may also be added to the syndicate, they said, adding details of the size and timings are not finalised. Al Dabbagh Group, a family-owned conglomerate, purchased a 49 percent stake in Petromin in 2013 from India’s Hinduja Group. The group has since considered both an IPO and a stake sale for Petromin, the report said. A total of 31 first-time share sales took place in Saudi Arabia last year, Bloomberg reported. Jeddah-based Petromin was established by royal decree in 1968 as a joint venture between Saudi Aramco and Exxon Mobil, the report added.