DUBAI - Dubai logistics company Tristar has approached investment banks as it looks at a potential initial public offering in Dubai, two sources told Reuters, after a plans for a London listing did not proceed last year.
The company contacted local and regional banks to bid for joint bookrunner roles for the listing on the Dubai Financial Market, the sources familiar with the matter said. They declined to be identified as the deal is not public.
Tristar last year was seeking to raise $250 million in a London listing, and hired Moelis & Co as a financial adviser for the sale, sources told Reuters at the time.
The deal did not gain momentum because of a tepid response from international investors, one of the sources said.
The company and its adviser Moelis are now pinning hopes on local investors in the United Arab Emirates to help secure the IPO, the source said.
Tristar declined to comment. Moelis did not immediately respond to a request for comment.
The company is a liquid logistics provider catering to the needs of the petroleum and chemical industries, its website showed.
It is co-owned by Kuwait's Agility , Kuwait's Gulf Investment Corporation (GIC) and Tristar's chief executive and founder Eugene Mayne, Agility's website said.
Tristar's customers include Abu Dhabi National Oil Company, Royal Dutch Shell, BP, Total, DOW, Emirates National Oil Company, according to Tristar's website.
(Editing by Jane Merriman) ((Hadeel.AlSayegh@thomsonreuters.com; +971566883310;))