Deals
Saudi PIF Is Said to Hit Weak Demand for Marafiq Stake Sale
- A resurgence in local IPOs is diverting investor attention
- Marafiq’s Saudi IPO raised $897 million last November
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Saudi Arabia’s sovereign wealth fund delayed the potential sale of its remaining stake in a local utility firm after lackluster demand from investors, according to people familiar with the matter.
The Public Investment Fund in recent weeks held informal talks about raising as much as $800 million from a share placement of its 17.5% stake in Power and Water Utility Co. for Jubail and Yanbu — known as Marafiq, the people said, asking not to be identified as the information isn’t public.