Saudi Arabia’s Public Investment Fund has appointed SNB Capital to lead the initial public offering (IPO) of the National Unified Procurement Co. (Nupco), the Kingdom’s largest medical procurement firm. The IPO could raise up to $1 billion by selling a 30% stake in the company.
The involvement of SNB Capital, along with JPMorgan Chase & Co. and Morgan Stanley, highlights investor confidence in Saudi Arabia’s economic reforms and the growth potential of its healthcare sector. Founded in 2009, Nupco centralizes procurement and logistics for medical supplies and pharmaceuticals, aligning with Vision 2030’s goals to diversify the economy and reduce oil dependency.
The IPO is part of the PIF’s broader strategy to monetize assets and invest in various sectors to drive economic growth. The PIF, chaired by Crown Prince Mohammed bin Salman, has been pivotal in transforming Saudi Arabia’s economy, particularly in healthcare, technology, and tourism.