Logo of Al Borg Diagnostics
Al Borg Diagnostics picked EFG-Hermes Holding Co. and GIB Capital to work on a planned initial public offering (IPO) in Saudi Arabia, Bloomberg reported, citing sources familiar with the matter.
The private laboratory chain could look to raise about $350 million in the share sale, the sources said. The IPO could happen as soon as in the second half of the year, one source said.
Details of the offering such as the size and timing are still being discussed and are subject to change, the sources added.
Al Borg Diagnostics was established in 1998 in Jeddah, and later expanded to all major cities in the Kingdom, according to data available with Argaam.
It serves more than 5,000 laboratories belonging to hospitals and clinics, in addition to cooperating with various pharmaceutical companies.
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