Saudi Wealth Fund Said to Invite Bank Pitches for Nupco IPO.

Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF), is inviting banks to pitch for roles in the initial public offering (IPO) of Nupco, the country's largest medical procurement firm. The PIF is seeking funds to finance Crown Prince Mohammed bin Salman's Vision 2030 plan, which aims to diversify the country's economy. Rothschild & Co. is advising the PIF on the potential IPO, which could raise less than $1 billion. The PIF has been considering various strategies, including debt sales, bank loans, and equity offerings, to secure new sources of cash. The fund is also preparing for the IPO of port operator Saudi Global Ports Co. and has listed several portfolio companies in recent years. The IPO activity in Saudi Arabia has increased recently, with four companies announcing offerings and more than ten companies waiting to pursue IPOs. Nupco, founded in 2009, focuses on improving health services, government spending efficiency, and supply chain effectiveness in the healthcare sector. The PIF has also established a new entity to attract pharmaceutical and biotech companies to invest in developing healthcare products. [Extracted from the article]

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