"Petromin" Saudi Arabia is reviving a $1 billion initial public offering plan

Saudi auto service company Petromin Corp. is reviving plans for its initial public offering in the kingdom that could raise up to $1 billion, according to people familiar with the matter.

The company, which is also the oldest lubricants company in the Middle East, is working with the National Bank of Saudi Arabia and Mollis & Co. on the planned IPO, said the people, who asked not to be identified because the information is confidential. on Bloomberg Agency.

The people said details of the offering, such as its size and timing, could change. They said more banks may be added to the IPO.

Al-Dabbagh Group, a family group that invests in several sectors, including cars, real estate and foodstuffs, bought a 49% stake in Petromin in 2013 from the Indian Hinduja Group.

Bloomberg News reported that the Saudi company has since considered an initial public offering and the sale of a stake in Petromin. Hinduja was also planning an initial public offering of the company in 2010, but that deal never went through.

Representatives for Petromin, Al-Dabbagh and Al-Ahly Bank of Saudi Arabia did not respond to requests for comment. A Moelis representative declined to comment.