Bloomberg/Chris Ratcliffe

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Dubai’s Tristar appoints BofA and Citi for IPO

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The largest listing in London so far this year is the GBP 1.1 billion ($1.4 billion) IPO by Dubai-based payments business Network International Holdings.

Thursday 02, May 2019

(Bloomberg) –Dubai-based Tristar Group has appointed Bank of America Corporation (BofA) and Citigroup as advisers on an initial public offering (IPO) in London.

Tristar could seek a valuation of more than $1 billion in a share sale that could raise as much as $400 million.

The company is also working with Moelis & Co on the IPO.

Other Middle Eastern firms, including financial-services firm Finablr, are planning UK listings as they seek to capitalise on large pools of capital. The UK’s domestic share sales have slowed amid concerns over how Brexit will affect growth.

Tristar, is a subsidiary of Kuwaiti logistics firm Agility Public Warehousing and operates in 20 countries.

The logistics firm provides transportation and storage services for the petroleum and chemicals industries to customers including Abu Dhabi National Oil Company (ADNOC), Total and Dow.

 

TAGS : Tristar Group, Bank of America Corporation, Citigroup, LSE, Moelis & Co, IPO, Network International Holdins, Finablr

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