Middle Eastern fund Investcorp is considering a public share sale of Saudi Arabia’s Al Borg Medical Laboratories, two sources familiar with the matter said.
Bahrain-headquartered Investcorp invited banks to pitch for a planned listing of Al Borg, one of the largest private medical laboratory chains in the Gulf, said the sources, declining to be identified as the matter is not public.
Investcorp could raise around $200 million from the initial public offering of the lab firm, which has done well in the wake of the coronavirus pandemic, one of the sources said.
Investcorp declined to comment when contacted by Reuters on Thursday. Al Borg did not immediately respond to a request for comment.
Investcorp bought its stake in Al Borg in 2016 and the companies said at the time the investment would help it expand in the kingdom and elsewhere in the region.
Al Borg has more than 60 laboratories across eight countries in the Gulf and Africa, according to its website, offering medical laboratory testing services to hospitals, clinics, companies, and individuals.