Riyadh - Mubasher: Saudi District Cooling Company (Saudi Tabreed) is working with Citigroup and NCB Capital on a potential initial public offering (IPO) on the Saudi Tadawul.

The company, backed by Saudi Arabia’s Public Investment Fund and an Emirati company, could go public as early as this year, according to two of the people, who asked not to be identified because the information isn’t public, according to Bloomberg.

No final decisions have been made yet, and details such as the size and exact timeline for the offering are still under discussion, the people said .

The Saudi sovereign fund acquired a 30% stake in Saudi Tabreed in 2022 .

The stake was valued at about $250 million, Bloomberg reported at the time. Tabreed, a Dubai-listed company, owns a 21.8% stake in the Saudi company it is affiliated with, according to its 2023 annual report.

In addition to Saudi Tabreed, the Saudi market is awaiting the initial public offering of the country’s largest medical procurement company, as well as a major port operator, Bloomberg News reported .

Overall, Saudi Arabia saw over $4 billion in IPOs in 2024, and the pipeline for 2025 looks strong .