PIF names 3 banks to manage nupco IPO: Report

Logo of National Unified Procurement Co. (nupco)

The Public Investment Fund (PIF) has appointed JPMorgan Chase & Co., Morgan Stanley and SNB Capital to manage the planned initial public offering (IPO) of the National Unified Procurement Co. (nupco), Bloomberg reported, citing sources.

The deal could come as soon as this year, the agency said, expecting it to raise up to $1 billion from the sale of a 30% stake in the company.

For More IPOs

In May, Bloomberg reported that the sovereign wealth fund had invited banks to take part in the potential IPO, noting that it appointed Rothschild & Co. to advise on it, data available to Argaam showed.

Founded in 2009, nupco is wholly owned by the PIF. It operates in the field of providing medical procurement, storage, and distribution services for pharmaceuticals, medical devices, and medical supplies in Saudi Arabia.