Tabby hires banks to manage potential IPO in Saudi: Report

Logo of Tabby

Fintech services provider Tabby hired banks to help prepare for an eventual initial public offering, Bloomberg reported, citing people familiar with the matter.

The buy-now, pay-later firm is working with HSBC Holdings Plc, JPMorgan Chase & Co. and Morgan Stanley on the deal, the people said, asking not to be identified as the information isn’t public.

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The plans at an early stage, and no final decisions have been made on the timing or the size of the offer, they said.

Last year, Tabby’s General Manager Abdulaziz Saja told Argaam that the company would offer shares to the public in Saudi Arabia in late 2025 or 2026.

Tabby was established in the UAE in 2019 as a fintech service provider. In July 2023, it was licensed by SAMA to provide BNPL solutions, according to Argaam data.

The Ministry of Investment announced in 2023 that Tabby would move its headquarters to Saudi Arabia ahead of a potential IPO.