RIYADH: UAE utility Utico FZC has hired several banks to prepare for a potential initial public offering on the Dubai Financial Market, Bloomberg reported.
Utico said it plans to list its shares in the fourth quarter of this year, and may consider a dual listing, the report said.
The UAE-based firm also stated that it intends to purchase back its shares in advance of a potential listing.
Utico has hired multiple banks including Goldman Sachs, HSBC Holdings and Standard Chartered to advise it on the potential listing.
Other banks involved in the IPO are Emirates NBD, First Abu Dhabi Bank and Citigroup, the report added.
A part of the UAE-based RMB Group, Utico is one of the largest private utility providers in the country.
