Dubai-based Tristar Transport is again looking to sell itself three years after it shelved plans to launch an initial public offering (IPO) Bloomberg reported, citing people familiar with the matter.

The Middle East logistics company has tapped deNovo Partners to run a formal sale process, the news agency said, adding that deliberations are still ongoing and that the sale might not push through.

Plans to sell the company have been revived, as existing investors seek to cash in on the company’s improved revenue, one source told Bloomberg. Tristar’s revenues surged 78.3% in the first half of 2023 to $554 million.

The company had previously announced plans to offer up to 24% of its shares in an IPO and list on the Dubai stock market. The company’s founder Eugene Mayne later said the plan did not push through “largely due to a mismatch in valuation expectations and investor education.”

Established in 1998, Tristar has more than 2,000 road transport assets and 35 maritime vessels. It caters to major businesses in the downstream oil and gas industry.

(Writing by Cleofe Maceda; editing by Seban Scaria)