Ejada Systems Ltd., a technology services company owned by Al Rajhi Bank, is reportedly exploring a potential initial public offering (IPO) in Riyadh, potentially valuing the firm at up to $1.5 billion.
Goldman Sachs and Al Rajhi Capital have been hired to manage the IPO, which could take place in the coming months, said Bloomberg citing 'people familiar with the matter'.
Al Rajhi Bank, Saudi Arabia's second-largest lender, may sell at least 30% of its stake in Ejada.
No final decisions have been made regarding the timing or size of the offering, the report said.
Riyadh’s stock market has seen over $15 billion in share sales this year, driven in part by Saudi Aramco’s major secondary offering and multiple other listings raising over $3 billion