RIYADH — The Public Investment Fund (PIF) is considering up to eight portfolio companies for potential IPOs in 2026 as part of a broader push to deepen Saudi Arabia’s capital markets, according to a report by Semafor on Wednesday.

The sovereign wealth fund is said to be evaluating market conditions for a diverse range of subsidiaries. While Semafor identified the potential candidates citing unnamed sources, the list highlights the PIF's strategy to monetize mature assets across logistics, industry, and entertainment sectors.

Industrial and Logistics Heavyweights

Among the industrial entities reportedly earmarked for IPOs is ArcelorMittal Jubail. The firm, a joint venture between the PIF and the Luxembourg-based steel giant, specializes in tubular products for the energy sector and has been central to localizing manufacturing under Vision 2030.

In the logistics space, Saudi Global Ports, which operates key terminals at the King Abdulaziz Port in Dammam, is also named as a candidate. The company is a partnership involving the PIF and Singapore’s PSA International, serving as a critical node in the Kingdom’s trade infrastructure.

Consumer and Services Expansion

The report also points to potential listings for high-profile consumer-facing brands. This includes Sela, the events and experiences company known globally as the shirt sponsor of Newcastle United and a key partner in developing and operating major Riyadh Season destinations.

Other candidates mentioned include CloudKitchens, the ghost kitchen operator, and Richard Attias & Associates, the events firm that produces and organizes the flagship FII conference, which is hosted by the FII Institute.

Utilities and Energy Services

Saudi Tabreed, a district cooling provider in which the PIF acquired a 30% stake to support major real estate projects, is also reportedly being considered for a public offering, alongside energy services firm Alkhorayef Petroleum.

Beyond new listings, the fund is reportedly exploring the sale of stakes in publicly traded companies. This could include reducing its holding in Riyad Bank(1010.SA), as well as a potential stake sale in dairy giant Almarai Co.(2280.SA) by PIF subsidiary SALIC.

Note: The PIF has not officially commented on these specific plans. Timelines for IPOs typically remain subject to regulatory approval and market conditions.