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Dubai: Saudi Arabia’s Public Investment Fund (PIF) enlists banks to oversee the initial public offering of its fully owned subsidiary, the National Unified Procurement Company (Nupco), according to a report from Bloomberg.
The sovereign wealth fund has tapped global and local financial institutions including JPMorgan Chase and Co., Morgan Stanley, and SNB Capital to manage Nupco’s IPO.
The aim of this move is for the PIF to generate $1 billion (Dh3.67 billion) by divesting a 30 per cent stake in Nupco.
Saudi Arabia has been focusing on implementing and therefore reaching its Saudi Visiom 2030 target, which is primarily reliant on diversifying the economy away from oil.
Established in 2009 with a capital of 400 million (Dh1.4 billion), Nupco specialises in distributing healthcare supplies to public hospitals and medical centres.
Earlier in May, Saudi healthcare company Fakeeh Care Group’s IPO on the Saudi stock exchange attracted massive interest, with institutional investor demand reaching $91 billion (Dh334 billion).
The IPO raised $763 million (Dh2.8 billion), underscoring robust investor confidence in the sector.
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