Saudi chemical giant Sabic prepares to take its gas business public.
SABIC considers IPO possibility for its gas business
According to sources, SABIC is considering conducting an initial public offering of its gas business in Saudi Arabia. This move is under consideration as part of a corporate operational review.
In this process, SABIC is holding preliminary discussions with consultants, including Lazard Inc., HSBC Holdings Plc, JPMorgan Chase & Co., and Morgan Stanley, regarding a potential IPO later this year. This was reported by sources who remained anonymous due to confidentiality.
SABIC has a significant influence in the gas business due to its stake in National Industrial Gases Co. In 2024, this company generated 1.6 billion riyals ($427 million) in revenue. However, a final decision on the IPO has not yet been made.
Among other Saudi companies that went public this year were Flynas Co., Specialized Medical Co., and United Carton Industries Co. This became known amid deteriorating conditions in the chemical market, which led to a sharp decline in demand, rising costs, and decreasing profits.
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