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Petromin reported to launch $1bn public offering

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.

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