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Saudi Rawabi Energy eyes raising $500M in funding ahead of potential IPO

Saudi Rawabi Energy eyes raising $500M in funding ahead of potential IPO

Arab Finance: Rawabi Energy Co, a part of Saudi Arabia-based Rawabi Holding CO, is seeking to secure up to $500 million in funding ahead of a potential initial public offering (IPO) later in 2022, Bloomberg reported on May 23rd, citing sources familiar with the matter.

The potential IPO could value the company at around $1 billion, the sources pointed out.

The company is currently working with the global independent investment banking advisory company Evercore on the pre-IPO funding, as well as negotiating with potential backers, they noted.

Moreover, the company is in talks with a number of banks to appoint financial advisors for the share sale, they added.

In 2021, Saudi Arabian firms had raised nearly $9.3 billion from share offerings, which made Riyadh the most active IPO market in the Middle East and Africa after Israel, data collected by Bloomberg showed.

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