- Saudi Arabia's Public Investment Fund (PIF) is reportedly preparing for the initial public offering (IPO) of Nupco, its wholly owned subsidiary, with plans to launch it as early as the coming year, as per sources cited by Bloomberg. This significant medical procurement entity within the Kingdom has begun preliminary consultations with advisors concerning a potential offering of its shares, the sources have disclosed.
- Specifics regarding the size and timing of the IPO are still under active consideration, as indicated in the report. Nupco, as stated on its official website, was founded in 2009 with an initial capital of SAR1.5 billion. Notably, in August, Reuters had previously noted that Fakeeh Care, one of the kingdom's leading private hospital groups, was contemplating the sale of a 30% stake via an IPO.
Why it matters
A noteworthy trend in the Middle East has emerged in 2023, with companies from the region raising $5.3 billion in the first half of the year, marking the highest amount in 15 years, except for the previous year, as per data from Refinitiv.