Rawabi Energy eyes $500 mln funding ahead of IPO: Report

Rawabi Energy, a subsidiary of Rawabi Holding, seeks to raise up to $500 million funding before its potential initial public offering (IPO) on the Saudi Exchange (Tadawul), Bloomberg reported, citing anonymous well-informed sources.

The IPO would take place later this year, the source stated, adding that Rawabi is working with investment banking firm Evercore in preparation for the funding.

The company is also negotiating with banks to select a financial advisor for the offering, the sources added.

The Saudi companies raised $9.3 billion from IPOs last year, which indicates that the Kingdom is the most active market in the Middle East and Africa in terms of IPOs after Israel, Bloomberg data suggests.

Tadawul-All Share Index (TASI) also ranked among the world’s best five top performers in 2022, mainly driven by higher prices.

Accordingly, Tadawul attracted a large number of companies to float their shares.

Earlier this year, Tadawul CEO Khalid Al-Hussan said more than 70 companies submitted applications to offer shares on the market.