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Saudi Tabreed District Cooling Co, which is 20% owned by UAE-listed Tabreed, is working with Citigroup Inc and SNB Capital on a potential IPO, Bloomberg reported citing informed sources.
The firm, which is 20% owned by the kingdom’s wealth fund PIF as of March 2024 according to LSEG data, and 20% owned by Dubai-listed National Central Cooling Co (Tabreed), according to stock market records, has not made a final decision on the offering.
Saudi Arabia is all set for an IPO resurgence, with 56 flotations likely in the next two years, according to Al Rajhi Capital.
(Writing by Imogen Lillywhite; editing by Daniel Luiz)
