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Saudi Arabia’s PIF hires banks for Nupco’s $1bn IPO

By Pramod Kumar
PIF subsidiary Nupco was established in 2009 with capital of SAR 1.5 billion PIF
PIF subsidiary Nupco was established in 2009 with capital of SAR 1.5 billion

Saudi Arabia’s Public Investment Fund (PIF) has hired banks for the initial public offering of its wholly owned subsidiary, National Unified Procurement Company (Nupco), a media report said.

The sovereign wealth fund has appointed global and local bankers, such as JPMorgan Chase & Co., Morgan Stanley and SNB Capital, to manage Nupco’s flotation, Bloomberg reported, quoting sources aware of the matter.  

PIF plans to raise $1 billion by selling a 30 percent stake in Nupco. The proposed listing is planned for this year.

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The medical supply and logistical services company was established in 2009 with capital of SAR 1.5 billion ($400 million).

The company delivers healthcare products to public hospitals and medical centers.

In May, the healthcare conglomerate Fakeeh Care Group listing on the Saudi stock exchange was 119 times oversubscribed by institutional investors, raising $763 million and orders reaching $91 billion.

In May, Jada Fund of Funds, wholly owned by the PIF, led the SAR920 million ($250 million) fundraising round in a fund that aims to invest in major healthcare companies in Saudi Arabia.

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