Petromin may float IPO next year: report

July 23, 2014 6:57 am

Saudi-based Petromin, the Middle East’s oldest lubricants company, may launch an initial public offering (IPO) in 2015 after owner Dabbagh Group cancelled a proposed 20% stake sale, Bloomberg has reported, citing two people familiar with the matter. The offer may value Petromin at $700m to $1bn, the people said. Dabbagh scrapped an earlier plan to sell the stake ahead of the IPO, according to the people.