Saudi digital services firm NourNet is working with Goldman Sachs and HSBC to conduct a NourNet IPO study for a potential listing on the Saudi stock exchange.
According to a report by Asharq Al-Awsat, which cited Bloomberg sources, the Riyadh-based company is exploring options to sell shares to the public. However, the discussions are still ongoing, and no final decision has been made regarding the size or timing of the potential transaction. The company may decide to alter its plans depending on market conditions in the coming months.
Details of the Potential Listing
The discussions regarding the NourNet IPO remain in the early stages as advisers evaluate market conditions. The company, which specializes in digital services, has not finalized the percentage of shares it intends to float on the local exchange. Meanwhile, the financial institutions involved are analyzing the optimal timing for the transaction to maximize investor interest in the economy sector. This step represents a significant milestone for the company as it seeks to expand its capital base.
Financial Advisory and Ownership Structure
Investment firm Investcorp acquired a majority stake in NourNet in 2022. Following this acquisition, the firm began working with HSBC to evaluate the feasibility of a NourNet IPO. The involvement of global investment banks like Goldman Sachs and HSBC highlights the growing international interest in Saudi Arabia’s expanding technology and digital services market. These financial institutions will guide the company through the regulatory requirements of the Saudi Capital Market Authority.
Market Context and the NourNet IPO
This potential listing comes at a time when the wider Middle East region is experiencing a temporary slowdown in initial public offering activity. Despite these regional trends, Saudi Arabia continues to maintain strong momentum in its listing pipeline. Many local companies are actively preparing for public listings, waiting for market conditions to improve before launching their offerings. The addition of a major digital services provider would further diversify the local stock market.
Background on NourNet Operations
Established in 1998, NourNet has grown to become a major provider of digital infrastructure in the Kingdom. The company offers cloud computing, cybersecurity, data center management, and general IT solutions. Currently, the firm serves more than 1,500 clients across various industries, contributing to the local telecommunications and technology sectors. A successful listing would strengthen the company’s position as a key player in the regional digital market.
