RIYADH: Berain Water has hired the investment banking arm of Samba Financial Group to manage a possible initial public offering (IPO), Bloomberg reported citing people familiar with the matter.
No final decision has yet been made on a potential 30 percent stake sale and the company may decide against an IPO, said the people, who asked not to be identified as the information is private.
Riyadh-based Berain is one of Saudi Arabia’s biggest bottled-water companies, and its listing would open a new industry to public investment in the Kingdom.
Saudi Arabia is also expected to sell part of its Ras Al-Khair facility on Saudi Arabia’s Arabian Gulf coast, one of the world’s biggest desalination plants, later this year.
Saudi Arabia will be among the top 10 most “water-stressed” nations in 2040, according to World Resources Institute forecasts.
