Saudi Arabia’s AlKhorayef Group has began preparations for a possible itemizing of its oil and fuel providers subsidiary, based on folks acquainted with the matter, including to the record of firms seeking to go public within the kingdom.
The group has reached out to corporations that would assist prepare a potential IPO of AlKhorayef Petroleum, the folks mentioned, declining to be recognized discussing confidential info. The preparations are at an early stage, and no closing choice has been taken on whether or not to proceed with a transaction, the folks mentioned.
Representatives for AlKhorayef Group didn’t reply to a request for remark. Representatives for the Public Funding Fund, which acquired a 25% stake in Al Khorayef Petroleum in 2023, declined to remark.
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Saudi Arabia has been the Center East’s most lively IPO market this yr, with firms elevating almost $4 billion. Nonetheless, efficiency has been uneven, and solely two of the ten largest debuts are at the moment buying and selling above their supply costs.
The dominion’s benchmark inventory index is among the many worst-performing in rising markets, as traders develop cautious of extended oil value weak spot and the potential hit to authorities spending.
The PIF has performed a key position in deepening Saudi Arabia’s capital markets by itemizing portfolio firms. Nevertheless, it has slowed the tempo of share gross sales, together with in corporations like Saudi World Ports, amid softer market situations, Bloomberg Information has reported.
Headquartered in Dammam, AlKhorayef Petroleum operates throughout the Center East, Africa and Latin America. It’s majority-owned by AlKhorayef Group, a conglomerate with companies spanning industrial providers, lubricants and water options.
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