Dubai logistics firm Tristar said to pick BofA, Citi for IPO

Tristar could seek a valuation of more than $1 billion in a share sale that could raise as much as $400 million.
Tristar, Ipo, Logistics

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Middle East logistics firm Tristar Group has selected Bank of America and Citigroup to advise it on an initial public offering in London as early as this year, according to Arabian Business.

Tristar could seek a valuation of more than $1 billion in a share sale that could raise as much as $400 million, said one of the people, who asked not to be named because the details aren’t public.

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Representatives for Bank of America and Citigroup declined to comment. A representative for Dubai-based Tristar didn’t immediately respond to a request for comment.

The company is also working with Moelis & Co. on the IPO, people familiar with the matter said previously.

The largest listing in London so far this year is the 1.1 billion-pound ($1.4 billion) IPO by Tristar’s Dubai compatriot, payments business Network International Holdings.

Other Middle Eastern firms, including financial-services firm Finablr, are planning UK listings as they seek to capitalize on large pools of capital. The U.K.’s domestic share sales have slowed amid concerns over how Brexit will affect growth.

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Tristar, a subsidiary of Kuwaiti logistics firm Agility Public Warehousing, is headquartered in the United Arab Emirates and operates in 20 countries. It provides transportation and storage services for the petroleum and chemicals industries to customers including Abu Dhabi National Oil Co., Total SA and Dow Inc.

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