Saudi Global Ports (SGP), the Kingdom’s state-backed ports authority, has reportedly selected the banks that will manage its initial public offering (IPO), which could take place as early as 2025.
Goldman Sachs Group and HSBC, are among the banks that will help arrange the listing, Bloomberg has reported, citing people familiar with the matter.
The deal could raise up to $1 billion (SAR 3.75 billion), the people said, although no final decision has been made regarding the size of the offering.
Founded in 2012, the port operator is a joint venture owned by the kingdom’s Public Investment Fund (PIF) and Singapore’s PSA International Pte. SGP operates the first and second container terminals at King Abdulaziz Port in Dammam.
