The Hinduja Group is planning an initial public offering of its Saudi Arabian JV Petromin to raise $800 million to $1 billion. The lubricant manufacturer jointly owned by Dabbagh of Saudi Arabia and Gulf Oil International ? part of the Hinduja group ? will offload 30% in the IPO. Petromin is the largest maker of lubricants in Saudi Arabia, and had revenues of $500 million in FY10.
The company plans to use the IPO proceeds to grow its business in the Mina region, besides scouting for acquisitions. Saudi British Bank, HSBC?s affiliate in Saudi Arabia, will manage the IPO. Petromin owns a third of the downstream oil products business in Saudi Arabia.