S. Arabia plans Nupco IPO

By Aya Anwar On Jul 15, 2024

Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF) is advancing with an IPO for Nupco, the kingdom’s largest medical procurement firm, to fund Crown Prince Mohammed bin Salman’s economic agenda.

Financial heavyweights JPMorgan Chase, Morgan Stanley, and SNB Capital have been tapped to shepherd Nupco’s IPO towards a possible launch in 2024. The Public Investment Fund (PIF) of Saudi Arabia aims to raise roughly $1 billion by selling a 30% stake in the company. This comes amidst whispers of potential reductions to Saudi development projects outlined in Vision 2030.

Healthcare is central to the vision, with Nupco seeking to enhance healthcare services and optimise supply chains.

Crown Prince Mohammed bin Salman's economic agenda JPMorgan Chase & Co.Morgan Stanley Nupco Public Investment Fund (PIF)Saudi Arabia's sovereign wealth fund Saudi development projects Saudi Public Investment Fund (PIF)