Saudi Arabia’s Public Investment Fund (PIF) is planning an initial public offering of Nupco, a wholly owned subsidiary, as early as next year, Bloomberg reported, citing informed sources.

The firm, one of the largest medical procurement companies in the Kingdom, has held initial discussions with advisers on the potential share sale, the sources said.

Details of the IPO size and timing are still being discussed, the report said.

Nupco was established in 2009 with SAR1.5 billion capital, according to the company’s website.  

In August, Reuters reported that Fakeeh Care, one of the largest private hospital groups in the kingdom, is considering selling a 30% stake through an IPO.

Middle East companies have raised $5.3 billion in the first half of 2023, the most in 15 years, except last year, according to Refinitiv data.

(Editing by Brinda Darasha; brinda.darasha@lseg.com)