Saudi Ground Services appoints HSBC for IPO

Saudi Ground Services has hired HSBC Holdings to advise it on a planned initial public offering (IPO) of 30 percent of its shares, banking sources, reports Reuters.

The unit would be the second of six – including catering, cargo, maintenance, airlines and flight academy – to pursue a stock market listing following Saudi Arabian’s decision in 2006 to privatise them.

The first of the units to be sold publicly, Saudi Airlines Catering Co, raised $347 million after completing a 30-percent IPO in July. Its shares have risen 14.5 percent since then.