Riyadh – Mubasher: Napco National is seeking to float a stake of its shares on the stock market, Reuters reported on Monday.

The Dammam-based home disposables manufacturer is working with Banque Saudi Fransi’s investment banking arm, Saudi Fransi Capital, on an initial public offering (IPO) deal, which is expected to take place by the end of 2019 or 2020, sources familiar with the issue told Reuters.

The size of the offering has not determined yet.

Established in 1956, Napco National is part of Lebanon-based INDEVCO, which has 38 plants and commercial companies in the Middle East, Africa, Europe, and the US, according to the company’s website.

The oil-rich kingdom has been spurring more companies to go public in an effort to boost its capital markets as part of reforms aimed at wean the GCC nation off petrodollars.

In the same vein, Saudi Arabian Mining Company (Maaden) reportedly plans to raise as much as $5 billion via a rights offering, people familiar with the matter told Bloomberg News.