Saudi bourse invites banks to bid for IPO role

Dubai

SAUDI Arabia's stock exchange has started asking banks to bid for a role advising it on an initial public offering earmarked for 2018, three people with knowledge of the matter said, in a sign the government is pressing ahead with plans to sell state-owned assets.

Banks have until about the end of this month to respond to the request for proposals, the people said, asking not to be identified as the information is private. The Tadawul, as the Arab world's largest bourse is known, said in December that it plans the IPO for 2018.