Rawabi Energy in talks with banks to pick advisors for IPO: Report

Logo of Rawabi Holding

Rawabi Energy, a subsidiary of Rawabi Holding, is negotiating with banks to select financial advisors for its potential initial public offering (IPO) on the Saudi Exchange (Tadawul), Bloomberg reported, citing sources.

The company seeks to raise up to $500 million in funding before its offering that is expected this year, the sources said, adding the company may be valued at $1 billion.

Rawabi is working with investment banking firm Evercore in preparation for the funding and negotiating with potential backers.

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