Saudi Tabreed District Cooling Co. is working with Citigroup Inc. and SNB Capital for a potential initial public offering (IPO) in Riyadh, Bloomberg reported, citing people familiar with the matter.
The firm, backed by the Public Investment Fund (PIF), could go public as soon as this year.
No final decisions have been made, with details like size and exact timeline still under discussion, the sources noted.
Representatives for the PIF and SNB did not respond to requests for comment, while a Citi spokesperson declined to comment.
UAE’s Tabreed holds a 22% stake in its Saudi affiliate, according to Argaam data.
In December 2022, the PIF acquired a 30% stake worth about $250 million in Saudi Tabreed. Meanwhile, UAE’s Tabreed acquired additional shares in its Saudi subsidiary for SAR 55 million (AED 53.7 million).
Saudi Tabreed District Cooling Co. is working with Citigroup Inc. and SNB Capital for a potential initial public offering (IPO) in Riyadh, Bloomberg reported, citing people familiar with the matter.
The firm, backed by the Public Investment Fund (PIF), could go public as soon as this year.
No final decisions have been made, with details like size and exact timeline still under discussion, the sources noted.
Representatives for the PIF and SNB did not respond to requests for comment, while a Citi spokesperson declined to comment.
UAE’s Tabreed holds a 22% stake in its Saudi affiliate, according to Argaam data.
In December 2022, the PIF acquired a 30% stake worth about $250 million in Saudi Tabreed. Meanwhile, UAE’s Tabreed acquired additional shares in its Saudi subsidiary for SAR 55 million (AED 53.7 million).
