Riyadh - Sharikat Mubasher: Saudi Arabia’s Public Investment Fund (PIF) invited banks to pitch for roles on the planned initial public offering (IPO) of Nupco, the largest medical procurement company in the Kingdom.

Rothschild & Co. is advising the sovereign fund of the potential IPO, people familiar with the matter told Bloomberg. They expected the deal to raise around $1 billion.

In October, the company held initial discussions with advisers about the potential share sale.

Nupco's main objectives include elevating the level of health services in Saudi Arabia and increasing the effectiveness of supply chains in the public healthcare sector.