Saudi Arabian chemicals giant Saudi Basic Industries Corporation (SASE:2010) is exploring an initial public offering of its gas business, according to people familiar with the matter, amid a broader operational review. Saudi Basic Industries Corp. is in early-stage talks with potential advisers ?
including Lazard Inc., HSBC Holdings Plc, JPMorgan Chase & Co. and Morgan Stanley ? about a possible listing as soon as this year, the people said, asking not to be identified because the information is private.
National Industrial Gases Co., in which Sabic owns a 74% stake, generated SAR 1.6 billion ($427 million) in revenue in 2024, according to its financial statements. Sabic also has exposure to the gas business through its petrochemicals unit. Deliberations are at a preliminary stage, and no final decisions have been made on timing or adviser mandates, the people said.
Representatives for Lazard, HSBC, JPMorgan and Morgan Stanley declined to comment. Sabic did not respond to a request for comment.
