Logo of Olam Agricultural
Credit Suisse Group and Mizuho Financial Group Inc. joined the banks working on the listing of Olam Group’s agricultural business in Singapore and Saudi Arabia, Bloomberg reported, citing sources with knowledge of the matter.
Saudi National Bank and EFG Hermes joined as joint book-runners on the potential offering.
The company is expected to raise up to $1 billion from the IPO, the sources, said.
In January, Olam Group announced its plans to float its agricultural business unit, Olam Agri Holdings, for public offering on the Singapore Exchange (SGX), with the possibility of a dual listing on the Saudi Exchange (Tadawul) during the first half of 2023, according to data available with Argaam.
In December 2022, SALIC, a wholly owned subsidiary of the Public Investment Fund (PIF), completed the acquisition of a 35.43% stake in Olam Agri for SAR 4.65 billion.
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